NIP Group (NIPG) Announces July 22nd IPO

NIP Group (NIPG) is planning to raise $23 million in an initial public offering (IPO) on the week of July 22nd, IPO Scoop reports. The company will be issuing 2,300,000 shares at $9.00-$11.00 per share.

In the last twelve months, NIP Group generated $83.7 million in revenue and had a net loss of $13.3 million. NIP Group has a market cap of $560.6 million.

US Tiger Securities, GF Securities (Hong Kong), Kingswood and CLSA served as the underwriters for the IPO.

NIP Group provided the following description of their company for its IPO: “(Incorporated in the Cayman Islands)  We are a leading esports organization with the most expansive global footprint by virtue of our operations across Asia, Europe and South America, according to the Frost & Sullivan Report. Among the Top 10 esports titles in the world in terms of prize pool, our wins in Tier-1 world tournaments in CS:GO, Honor of Kings, Rainbow Six and FIFA represent more unique game titles with top-tier wins than any other esports organization as of Jan. 31, 2023, according to the Frost & Sullivan Report. We were founded based on a passion for esports and belief that esports can create the same types of historical and legendary experiences and memories as traditional sports have for the past century.   We operate two esports brands: Ninjas in Pyjamas and eStar Gaming. Ninjas in Pyjamas, our PC/​console esports brand, was founded in 2000 in Sweden, while eStar Gaming, our mobile esports brand, was founded in 2014 in China. We have an expansive portfolio of esports teams, competing at the highest level in video game titles such as League of Legends, CS: GO, Honor of Kings, Rainbow Six, Rocket League, Fortnite and Call of Duty Mobile.   We believe that there is tremendous potential in what we refer to as the “esports+” model, with the first phase being competitive esports itself — building championship-caliber teams across the most popular esports titles.    We experienced robust growth in our net revenues, which increased from US$65.8 million in 2022 to US$83.7 million in 2023. Our gross profit also increased from US$3.7 million in 2022 to US$7.2 million in 2023, representing gross profit margin of 5.7% and 8.6% for the same years, respectively.   In January 2023, we merged with Ninjas in Pyjamas Gaming AB, a Swedish public limited liability company incorporated in January 2014 with a brand history of more than 20 years since 2000 in the esports industry. The merger was completed through a series of share swap transactions, with Ninjas in Pyjamas becoming a wholly owned subsidiary of NIP Group Inc. We anticipate that our merger with Ninjas in Pyjamas may enhance our ability to be profitable in the future. In 2022, Ninjas in Pyjamas recorded gross profit margin of 50.4%, and our pro forma unaudited gross profit margin has therefore reached 10.2% for 2022. Ninjas in Pyjamas has been included in our consolidated results of operations since January 2023, and our gross profit increased from US$3.7 million in 2022 to US$7.2 million in 2023, with gross profit margin increasing from 5.7% in 2022 to 8.6% in 2023.   Note: Net Loss and revenue are for the year that ended Dec. 31, 2023. (NIP Inc. disclosed terms for its IPO – 2.25 million American Depositary Shares (ADS) at a price range of $9.00 to $11.00 – to raise $22.5 million, according to an F-1/A filing dated July 5, 2024. Each ADS represents two ordinary shares. The company also made changes in its team of joint book-runners by removing Deutsche Bank Securities, which had been in the lead left position, and removing CICC and Sahm Capital as well, and naming CLSA as a joint book-runner.) “.

NIP Group was founded in 2000 and has 253 employees. The company is located at Rosenlundsgatan 31 11 863 Stockholm Sweden +46 8133700 and can be reached via phone at +46 8133700 or on the web at https://esv5.com/.

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