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M17 Entertainment Files For US IPO

Quick Take

M17 Entertainment (YQ) intends to sell ADSs representing Class A ordinary shares for gross proceeds of $115 million from a U.S. IPO, according to an F-1 registration statement.

The firm operates the largest live streaming platform by revenue in developed Asia with a market share of 19.2% in the first quarter of 2018 according to Frost Sullivan.

YQ is growing topline revenues sharply as it begins to scale, but operating income is not in sight for the time being.

I’ll provide an update when we learn further details about pricing and valuation from management.

Company Technology

Taipei City, Taiwan-based M17 Entertainment was founded in 2015 to operate as a live streaming platform. In the company’s home market of Taiwan, according to Frost Sullivan, M17 represented 36.1% of the live streaming market in developed Asia in 2017.

Management is headed by Co-Founder and CEO Joseph Phua. Prior to M17, Phua was the CEO and Co-Founder of Paktor from 2013 – 2017, Associate for McKinsey Company in 2012, and Regional Manager of Doris Vinci from 2009 – 2011.

The company’s market of developed Asia is defined as the combined regions of Taiwan, Japan, South Korea, Hong Kong and Singapore.

Investors in M17 included Infinity Ventures, Golden Equator Capital, Vertex Ventures, Yahoo! Japan, Majuven, Golden Summit Capital, Vertex Ventures, and KTB Ventures.

The firm has developed a live streaming platform known as 17 Media. The platform was launched in Taiwan in July 2015.

17 Media had 33.3 million registered users as of March 31, 2018. The company also operates Paktor, launched in Singapore in 2013, and Goodnight, M17

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