Huya wants $550m follow-on to NY IPO

Guangzhou-based e-sports streaming platform Huya plans to raise US$550 million through a follow-on public share offering, reports Yicai Global.

The New York-listed firm wants to build a content ecosystem and find new partners to offer more diverse and high-quality content, it said in a filing to the United States Securities and Exchange Commission. The company also plans to develop new products, make overseas acquisitions and run new marketing campaigns.

With a valuation of US$5.5 billion, Huya more than doubled its operating revenue last year and pocketed RMB461 million (US$68.7 million) in net profit. It also began expanding into Southeast Asia and Latin America under the brand Nimo TV, which had already picked up 10 million monthly active users by the end of last year after launching in May.