Chinese tournament operator and esports company VSPN (Versus Programming Network Group) has filed for an IPO with the Hong Kong Stock Exchange.
With the public offering, VSPN aims to focus on growing its infrastructure, expanding overseas and making improvements to its business model. The IPO includes Bank of America Securities, China International Capital and Credit Suisse as underwriters.
VSPN is one of the most notable esports companies in Asia. The firm operates tournaments and leagues in the Middle East, China and Southeast Asia. VSPN also holds rights for tournaments across 29 different games, including Honor of Kings, PUBG Mobile and League of Legends. VSPN is the operator of the King Pro League.
The company is backed by investments from Tencent, Garena, Krafton, and a number of others. Tencent owns 13.54 percent of the VSPN.
The likes of BMW, AMD, McDonald’s, Sprite, ASUS ROG, have cooperated with the company. Moreover, it has teamed up with notable esports entities such as uch as Riot Games, Blizzard, Krafton and SuperCell.
VSPN clarified in the prospectus ahead of the IPO: “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.”
In 2021, VSPN raised $60m during its Series B+ investment round and an undisclosed ‘multi-million’ round later in the year.
Esports Insider says: VSPN is one of the most interesting companies coming from Asia, and it’s tough to grasp the sheer scale of operations the company is in charge of. The IPO will see the company grow faster than before and perhaps even try to reach more western markets.