NIP Group plans to break into the stock market as the parent company of esports organization Ninjas in Pyjamas has filed for an IPO (initial public offering) to enter the US stock market NASDAQ, according to a report from Esports Insider.
The multinational company, active in Europe and China, aims to raise US$5m in its initial offering, though Renaissance Capital estimates the move could raise up to US$50m, says Esports Insider in its report.
The NIP Group was founded in 2023 and includes the Swedish esports organization Ninjas in Pyjamas and the Chinese digital sports group ESV5. The group has competed in various esports, such as Counter-Strike, Dota 2, EA Sports FC, and Rainbow Six: Siege. After merging with ESV5, the organization also entered the Chinese esports scenes of VALORANT, League of Legends, and Honor of Kings – the latter through a partnership with eStar Pro.
Aside from competitive esports, ESV5 owns event production company MAG Studio and esports talent agency eStar Entertainment.
In its IPO filing, NIP Group disclosed financial records for 2022 and 2023, showing an increase in total net revenue from US$65.8m to US$83.7m and a rise in gross profit from US$3.7m to US$7.2m. Despite these gains, the company’s net loss increased from US$6.3m to US$13.3m in 2023.
NIP Group joins other esports organizations like Enthusiast Gaming and GameSquare (parent company of FaZe Clan) on the NASDAQ, while Astralis, part of NASDAQ First North Growth Market Denmark, voted to delist in September 2023.
Ninjas in Pyjamas is one of 30 teams selected for the Esports World Cup Club Support Program, which gives teams a one-time six-figure stipend if an organization is willing to enter new esports as well as additional funding each year if they drive viewership and fan engagement to the Esports World Cup.
