NIP Group plans to go public with NASDAQ IPO filing

NIP-Group - Ninjas in Pyjamas
Image credit: NIP Group

NIP Group, the parent company of esports organisation Ninjas in Pyjamas, has filed an IPO (initial public offering) to enter US stock market NASDAQ.

The multinational company, which operates in Europe and China, has registered with the aim of raising $5m (~£3.9m) in its initial offering. However, Renaissance Capital, an IPO investment and research company, estimate the move could raise up to $50m (~£39m).

ESI Lisbon 2024

Formed officially in January 2023, NIP Group is a holding company that includes well-known Swedish organisation Ninjas in Pyjamas and Chinese digital sports group ESV5.

The Swedish organisation first established itself in Counter-Strike and has a long history in the game series, still holding the record for the most maps won in a row (87). The esports organisation has since gone on to launch teams in Dota 2, EA Sports FC and Rainbow Six: Siege. Following its merger with ESV5, the organisation has expanded into the Chinese esports ecosystems of VALORANT, League of Legends and Honor of Kings (via eStar Pro).

Outside of the competitive esports scene, ESV5 is also the owner of event production company MAG Studio and esports talent agency eStar Entertainment.

As part of the filing, NIP Group has provided interesting annual financial records for 2022 and 2023. Comparing 2022 to 2023, NIP Group has taken its total net revenue from $65.8m (~£51.8m) to $83.7m (~£66m) and increased its gross profit from ​$3.7m (~£2.9m) to $7.2m (~£5.7m).

Despite these increases, the company’s net loss has risen from $6.3m (~£5m) to $13.3m (~£10.5m) in 2023.

NIP Group is not the only esports organisation to publicly list on the NASDAQ with Enthusiast Gaming and GameSquare (the parent company of FaZe Clan) listed on the stock market. Astralis, which is part of NASDAQ First North Growth Market Denmark, voted to delist in September 2023.

Dafydd Gwynn