Dec 2, 2019

Esports group Astralis plans industry's first IPO

Illustration: Sarah Grillo/Axios

Astralis, a Denmark-based esports group that includes the world's top-ranked Counter-Strike team, is planning to go public next week in Copenhagen.

Why it matters: This would be the first-ever public listing of an esports group, possibly priming investors for future floats from larger organizations.

  • Canada's Overactive Media, for example, has been weighing an IPO, and NRG Sports' Andy Miller tells Axios that he's been approached by Canadian banks about a Toronto listing ("we felt it was too early").

Details: Astralis is set to list on the Nasdaq's Copenhagen exchange for small companies, raising between $18 million to $22 million.

The bottom line: "The global esports market will generate almost $2 billion in 2022, with global esports viewership expected to reach 595 million that year," writes Bloomberg's Nick Rigillo.

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NYSE proposes allowing companies to raise capital in direct listings

Illustration: Lazaro Gamio/Axios

The New York Stock Exchange yesterday laid the formal groundwork for letting companies raise capital as part of direct listings.

Why it matters: This could upend the traditional IPO market, which has relied on Wall Street banks to set pricing terms.

Go deeperArrowNov 27, 2019

SEC rejects NYSE plan for direct listings

Illustration: Sarah Grillo/Axios

U.S. securities regulators have rejected an application by the New York Stock Exchange to allow companies to raise capital during direct listings, Axios has learned.

Why it matters: As we wrote earlier, the NYSE proposal could have upended the traditional IPO market, which has relied on Wall Street banks to set pricing terms.

Go deeperArrowDec 6, 2019

WeWork's China rival files for U.S. IPO

Ucommune, WeWork's largest rival in China, on Wednesday filed to raise $100 million via an IPO on the New York Stock Exchange.

Why it matters: This could test investor interest for WeWork's business model, minus the governance issues that ended its own IPO hopes in October.

Go deeperArrowDec 11, 2019