(Bloomberg) -- NIP Group Inc., an esports company that counts Hong Kong singer Jackson Wang among its backers, has filed for an initial public offering in...
-- NIP Group Inc., an esports company that counts Hong Kong singer Jackson Wang among its backers, has filed for an initial public offering in the US.The Sweden-headquartered company’s largest shareholders also include co-founder Mario Ho, who has a 14.2% stake prior to the offering, according to a filing Wednesday with the US Securities and Exchange Commission. Ho is the youngest son of the late casino mogul Stanley Ho.
Last year, NIP Group had a net loss attributable to shareholders of $57.2 million on revenue of $83.7 million in 2023, compared with a deficit of $31.5 million on revenue of $65.8 million the previous year, the filing shows. The net loss attributable to NIP Group was $13.3 million in 2023 versus $6.2 million in 2022, not including value accretion from the redemption of preferred shares.
Wang is a singer and producer with 97 million followers across his social media platforms, according to his official Spotify biography, which shows he performed at the League of Legends World Championship opening ceremony in 2022.The offering is being led by Deutsche Bank AG, China International Capital Corp., US Tiger Securities Inc. and GF Securities Hong Kong. The company plans for its depositary shares to trade on the Nasdaq under the symbol NIPG.
The mark down in the outlook for rate cuts, from three quarter-percentage-point reductions seen in the Fed's March projections, was made despite the central bank's acknowledgement in its new policy statement of "modest further progress" towards its 2% inflation target - an upgrade from its May 1 statement.
Jackson Wang US Securities And Exchange Commission Initial Public Offering NIP Group Inc. League Of Legends Hong Kong
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