HUYA, a live streaming platform for video games and e-sports spun out of China's YY, announced terms for its US IPO on Tuesday.
The Guangzhou, China-based company plans to raise $165 million by offering 15 million ADSs at a price range of $10 to $12. At the midpoint of the proposed range, HUYA would command a fully diluted market value of $2.4 billion.
There have been 23 US IPOs from Chinese companies over the past year, including recent streaming services iQIYI (IQ) and Bilibili (BILI).
HUYA was formed in 2014 and booked $336 million in sales for the 12 months ended December 31, 2017. It plans to list on the NYSE under the symbol HUYA. Credit Suisse, Goldman Sachs (Asia) and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of May 7, 2018.
