This week Ninjas in Pyjamas Group (NIP Group) filed for an initial public offering (IPO) with the U.S. Securities & Exchange Commission (SEC), noting that it expects to raise up to $5M USD.
According to the filing, Deutsche Bank, CICC, Tiger Brokers, and GF Securities are serving as joint bookrunners on the deal. Specific terms and other details about the IPO were not disclosed.
For FY 2023, NIP Group reported revenue of $83.7M and a net loss of $13.3M. In FY 2022 It recorded revenue of $65.8M and a net loss of $6.2M.
In January 2023, the Swedish esports organization merged with Chinese company eStar Gaming Victory Five (ESV5 – a joint venture between eStar Gaming and Victory Five) through an equity swap, and the new entity was renamed NIP Group, with ESV5 operating as NIP China.
NIP China operates an Honor of Kings roster, as well as a team in League of Legends Pro League (LPL). NIP’s Sweden-based operation competes in EA Sports FC24, Counter-Strike 2, Rainbow Six Siege, Rocket League, and Fortnite.