NeoTV Group, an esport event operator and variety show producer in China, announced terms for its IPO on Wednesday.
The Shanghai, China-based company plans to raise $43 million by offering 6.8 million shares at a price range of $6.00 to $6.50. At the midpoint of the proposed range, NeoTV Group would command a market value of $201 million.
NeoTV specializes in hosting, operating, and promoting esports competitions and professional events in China. The company has hosted and organized a variety of games both globally and domestically, including the National Electronic Sports Open, Tencent Global E-sports Arena, and certain professional events. Its major customers include esports game developers, sponsors, advertisers, and game live streaming companies, and it primarily generates revenue from providing integrated services to esports tournaments and variety shows.
NeoTV Group was founded in 2006 and booked $30 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol NTV. Prime Number Capital is the sole bookrunner on the deal.
