NIP Group, the esports organization behind the Ninjas in Pyjamas teams in Sweden and China, filed on Wednesday with the SEC to raise up to $5 million in an initial public offering. However, we estimate the deal could raise up to $50 million.
NIP Group is an esports organization with operations across Asia, Europe, and South America. The company operates two esports brands: Ninjas in Pyjamas and eStar Gaming. Ninjas in Pyjamas, its PC/console esports brand, was founded in 2000 in Sweden, while eStar Gaming, its mobile esports brand, was founded in 2014 in China. It also has a comprehensive 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.
The Stockholm, Sweden-based company traces its roots to 2000 and booked $84 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol NIPG. Deutsche Bank, CICC, Tiger Brokers, and GF Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
