Mario Ho-backed NIP Group slides in Nasdaq debut
26/07/2024 19:30
** Shares of e-sports company NIP Group NIPG.O , backed by
the son of late Macau casino magnate Stanley Ho, down 9.4% at
$8.15 in their Nasdaq debut after rising as much as 45.8%
** NIP's shares opened at $13.11, valuing the company at
$734.9 mln
** Stockholm, Sweden-based NIP raised $20.25 mln by selling
2.25 mln American Depositary Shares (ADSs) at $9, the lower end
of its marketed range of $9 to $11
** In 2023, Swedish e-sports brand Ninjas in Pyjamas merged
with Chinese digital sports group ESV5 to form NIP Group
** Co-CEO Mario Ho, a Manchester United fan, is a major
shareholder in NIP, which also counts Hong Kong pop star Jackson
Wang among its backers
** NIP's e-sports teams compete in video game titles such as
League of Legends, CS: GO, Honor of Kings, Rainbow Six, Rocket
League, Fortnite and Call of Duty Mobile
** US Tiger Securities was the lead underwriter for the IPO
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))