NIP Group starts trading on NASDAQ following its IPO pricing announcement.
Esports holding company NIP Group is set to start trading on NASDAQ today, following its initial public offering (IPO) pricing announcement.
NIP Group’s stock will be listed on NASDAQ under the ticker symbol ‘NIPG’. The company plans to issue 2.25 million American Depositary Shares (ADS) at $9 each, which places the total IPO valuation at approximately $20.25 million. Each ADS represents two Class A ordinary shares of the company, and the underwriters have the option to buy up to an additional 337,500 ADSs.
This IPO follows NIP Group’s announcement just over a month ago about its intention to list on NASDAQ. NIP Group was formed from the merger of Swedish esports organization Ninjas in Pyjamas and Chinese esports brand ESV5 in early 2023. The merged entity rebranded its LPL team Victory Five to Ninjas in Pyjamas and operates eStar Gaming, Ninjas in Pyjamas, and Shinobi Esports.
The IPO is expected to close on July 29th, pending regulatory approval. To mark the occasion, NIP Group Co-CEOs Hicham Chahine and Mario Ho will ring the NASDAQ Opening Bell at around 9:30 am ET (2:30 pm BST).
NIP Group’s move to NASDAQ follows a challenging period for other esports companies like FaZe Clan and Astralis, who faced difficulties in the stock market. FaZe Clan was acquired by GameSquare after struggling with poor stock performance, and Astralis opted to delist last year.
