Game live-streaming platform Douyu has switched its IPO to the Nasdaq Global Select Market from the New York Stock Exchange, according to the company’s SEC filing on Monday.
Why it matters:
While the move probably won’t bring about too many changes, it does seem a bit unusual for the Wuhan-based streamer to switch so close to a reported listing date of July 17.
- The Nasdaq is typically perceived as a high-tech market, and multiple big-name players such as Apple, Microsoft, Amazon, Facebook, and Google have gone public there.
- Since 2005, more than $1.2 trillion in market value has switched from the NYSE to the Nasdaq, according to CNBC.
The estimated IPO price per American depositary share (ADS) is projected to be between $11.5 and $14, which will enable the company to raise between $516.6 million and $628.9 million.
- Morgan Stanley, JP Morgan, Merrill Lynch, and CMBI are the co-underwriters for the deal.