FILE PHOTO: A girl broadcasts live from a phone as she holds a selfie stick with a sign of the live-streaming platform DouYu during an event celebrating the new year in Wuhan, Hubei province, China, December 31, 2018. REUTERS/Stringer/File Photo
NEW YORK/HONG KONG (Reuters) – DouYu International Holdings Ltd DOYU.N, China’s largest live-streaming platform, on Tuesday sold $775 million in stock at a $3.73 billion valuation after pricing its U.S. initial public offering (IPO) at the bottom of an indicative range, people with direct knowledge of the matter said.
DouYu sold American depositary shares (ADS) at $11.5 each, compared with a previously stated target of $11.50 to $14.00, the people said, requesting anonymity to speak freely about the deal.
DouYu, which is backed by Chinese social media and gaming giant Tencent Holdings Ltd (0700.HK), declined to comment.
Reporting by Joshua Franklin in New York and Julie Zhu in Hong Kong; Editing by Christopher Cushing