July 17th, 2019 (EST), DouYu International Holdings Limited (“DouYu” or the “Company”) (stock code: DOYU) successfully listed on Nasdaq Global Select Market. This makes the deal the largest Chinese IPO in the United States so far in 2019. CMBI acted as Joint Bookrunner for DouYu’s IPO.
DouYu is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform both on PC and mobile apps, through which users can enjoy immersive and interactive games and entertainment live streaming. According to iResearch, among China’s game-centric live streaming platforms, DouYu ranked: i) first by the size of its user base as measured by average total MAUs on both mobile and PC platforms during the first quarter of 2018 and 2019; ii) first by the level of user engagement as measured by average total daily time spent by active users on its platform during the first quarter of 2018 and 2019; and iii) first by the number of top 100 game streamers with whom DouYu contracted in December 2018 and March 2019.
DouYu issued 67,387,110 American Depositary Shares ("ADSs"), every ten ADSs representing one ordinary share, at US$11.5 per ADS, with total proceeds being US$775 million (assuming Over-Allotment Option is not exercised). The public offering was oversubscribed driven by Company's excellent fundamentals and attractive pricing level.
As the only Chinese joint bookrunner in this project, CMBI played an important role in equity story crafting, marketing and sales. Leveraging strong network of Asian investors, high net-worth individuals, CMBI assisted the Company in introducing many long-term, high quality and low price-sensitive investors, which has made an important contribution to successful listing of DouYu.
Source of content：prospectus