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Sweden-based esports organization NIP Group sets terms for $23 million US IPO

July 5, 2024

NIP Group, the esports organization behind the Ninjas in Pyjamas teams in Sweden and China, announced terms for its IPO on Friday. In its latest filing, the company also revamped its underwriting team, removing former lead left Deutsche Bank, as well as CICC and Sahm Capital, and adding CLSA.

The Stockholm, Sweden-based company plans to raise $23 million by offering 2.3 million ADSs at a price range of $9 to $11. At the midpoint of the proposed range, NIP Group would command a market value of $561 million. The IPO float is just 4.0% of basic shares outstanding.

NIP Group is an esports organization with operations across Asia, Europe, and South America. The company operates two esports brands: Ninjas in Pyjamas and eStar Gaming. Ninjas in Pyjamas, its PC/console esports brand, was founded in 2000 in Sweden, while eStar Gaming, its mobile esports brand, was founded in 2014 in China. It also has a comprehensive portfolio of esports teams, competing at the highest level in video game titles such as League of Legends, CS: GO, Honor of Kings, Rainbow Six, Rocket League, Fortnite, and Call of Duty Mobile.

NIP Group was founded in 2000 and booked $84 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol NIPG. Tiger Brokers, GF Securities, Kingswood Capital Markets, and CLSA are the joint bookrunners on the deal.