Mentioned in this article Games: League of Legends

Livestreaming platform Huya’s initial public offering raised $180M.

In its IPO filing, Huya planned to seek $200M in part to strengthen its esports partnerships.

Chinese livestreaming platform Huya (NASDAQ: HUYA) raised $180M with its initial public offering. The IPO priced 15 million American depositary shares at $12.

Huya is a gaming-focused streaming platform similar to Twitch, owned by live streaming company YY. It has 86.7M monthly active users, according to the IPO filing. Huya recently received an investment from China’s tech giant Tencent . Following the deal, YY will own 44.5% of the company and Tencent will own 32%.

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Since trading began today, Huya’s stock price has continued to climb. The first trade of the day was executed for $15.50, and it now sits at $16.56.

YY spun off Huya into its own company in order to file for its United States IPO. In the filing, the company sought $200M, partly to strengthen its esports partnerships. Huya currently holds the rights to stream the 2018 League of Legends Korea Championships in China. Having raised $180M, we can expect Huya to increase its esports efforts over the next year.