VSPN (Versus Programming Network Group) recently announced it filed for an IPO with the Hong Kong Stock Exchange. Through this public offering, VSPN hopes to grow its infrastructure and expand its operations overseas while making internal improvements to its business model.
The IPO features China International Capital, Credit Suisse, and Bank of America Securities as underwrites. Additionally, the organization is backed by investments from Garena, Krafton, and Tencent (who currently owns a 13.54% stake of VSPN).
“The net proceeds from this IPO will be used primarily for research and development to advance esports-focused services and infrastructure technologies, improve content quality and the gaming experience, expand business to targeted overseas markets, and upgrade the business model,” VSPN said in a prospectus ahead of this initial public offering.
VSPN is one of the most recognizable tournament operators and esports companies in the world. The organization hosts events throughout Asia and the Middle East. It also holds the rights for tournament competitions across 29 well-known video game titles including League of Legends, Honor of Kings, and PUBG Mobile.
(All information was provided by Esports Insider)