TAIPEI, Taiwan--(BUSINESS WIRE)--M17 Entertainment Limited (“M17 Entertainment” or the “Company”) (NYSE: YQ), operator of the largest live streaming platform for Developed Asia, which includes the markets of Taiwan, Japan, South Korea, Singapore and Hong Kong, today announced the pricing of its initial public offering of 7,511,000 American depositary shares (“ADSs”) at a price of US$8.00 per ADS for a total offering size of approximately US$60.1 million, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents eight Class A ordinary shares of the Company. The ADSs will begin trading on the New York Stock Exchange on June 7, 2018 under the ticker symbol “YQ.”
The Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 1,126,650 ADSs from the Company at the initial public offering price less underwriting discounts and commissions.
Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as joint bookrunners for the offering, and Daiwa Capital Markets America Inc. and Mizuho Securities USA LLC are acting as co-managers.
M17 Entertainment’s registration statement relating to the offering has been filed with, and declared effective by, the United States Securities and Exchange Commission (“SEC”). This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, United States, telephone: +1-800-831-9146; Deutsche Bank Securities Inc. at 60 Wall Street, New York, New York, by emailing the Prospectus Group at prospectus.cpdg@db.com.
About M17 Entertainment Limited
M17 Entertainment Limited (NYSE: YQ), operator of the largest live streaming platform for Developed Asia, has a mission to empower artists and has disrupted the traditional artist-agency model by implementing a robust and systematic process to discover, train, develop and promote artists. M17 Entertainment allows people to connect with the world anytime and anywhere directly from their mobile devices to showcase their talents and passions and realize their dreams. M17 Entertainment is a tech-enabled and data-driven entertainment company led by veteran media and entertainment executives with experience managing top artists and producing high quality music and video content in Asia, as well as operating social and interactive entertainment platforms in Asia and globally. The company’s interactive entertainment platform includes 17 Media, the largest live streaming platform by revenue in Developed Asia with a market share of 19.2% in the first quarter of 2018, according to Frost & Sullivan, and 33.3 million registered users. M17 Entertainment also operates dating applications Paktor, which was launched in Singapore in 2013, and Goodnight. For more information regarding M17 Entertainment, please visit http://m17.asia/.
