Esports holding company NIP Group is expected to begin trading on the NASDAQ Stock Exchange today, with the company announcing its initial public offering (IPO) pricing.
NIP Group stock will be found on NASDAQ via the ‘NIPG’ ticker. The company will release 2.25m ADS shares at a price of $9 (~£7) each, valuing the IPO at around $20.25m (~£15.75m).
UPDATE 26/07/24 3:30pm: Since the publication of this article, NIP Group has officially begun trading on NASDAQ.
The listing comes just over a month after the company first announced its intention to be listed on NASDAQ. The company announced that each ADS (American depositary share) represents two Class A ordinary shares of the company and that the underwriters have an option to purchase up to 337,500 additional ADSs, if they so desire.
The NIP Group is an esports and gaming venture created through a merger between Swedish esports organisation Ninjas in Pyjamas and Chinese esports brand ESV5. The two companies officially merged in early 2023 and rebranded its LPL team Victory Five to Ninjas in Pyjamas soon after. The Group operates eStar Gaming and Ninjas in Pyjamas, as well as Shinobi Esports.
NIP Group said in a release that the offering is expected to close on July 29th, pending any regulatory approval issues. To celebrate the company’s public listing NIP Group Co-CEOs Hicham Chahine and Mario Ho will ring the NASDAQ Opening Bell when training begins around 9:30 am ET (2:30 pm BST).
NIP Group’s IPO on NASDAQ comes after several notable esports companies, such as FaZe Clan and Astralis, did not have much luck on the stock market. FaZe was notably acquired by GameSquare following poor stock performances and Astralis chose to be delisted last year.
