Chinese gaming firm Huya prices IPO in New York at $12 per share: source

(Reuters) – The initial public offering of Chinese game-streaming platform Huya Inc on the New York Stock Exchange was priced at $12 per share, a source familiar with the matter said on Thursday, at the upper-end of the indicated price range.

Huya offered 15 million American Depository Shares (ADS), raising $180 million. The company had indicated a price range of $10-$12 each.

Following the offering, Huya’s parent company YY Inc will hold 54.9 percent voting power in the company, while a Tencent Holdings investment unit will hold 39.5 percent, Huya said in a statement.

Huya is one of China’s biggest live-streaming platforms for online gaming, covering over 2,600 different mobile, PC and console games.

China had the world’s largest video games market in terms of revenues and number of gamers in 2017, Huya said. The company had nearly 40 million average mobile monthly active users in the fourth quarter of 2017.

Huya’s revenue almost tripled to 2.18 billion yuan ($344 million) in 2017 from the year previous. It made a loss of 80.9 million yuan.

Credit Suisse, Goldman Sachs and UBS are lead underwriters to the offering.

Reporting by Diptendu Lahiri and Nikhil Subba in Bengaluru, Editing by Rosalba O’Brien

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