Astralis Group became the first esports team to launch an initial public offering (IPO) today.
Astralis Group went public on the Nasdaq First Growth Market Denmark, offering 16,759,777 shares at 8.95 Danish Krone ($1.33) apiece, according to ESPN’s Jacob Wolf. The IPO is only being offered in Denmark but it’s available through the use of brokers.
Astralis Group may be a pioneer, but launching an IPO can potentially set the precedent for other organizations willing to take the plunge. With esports quickly becoming one of the biggest industries in the world, investing in the scene may seem like a no-brainer.
Global esports revenue is expected to hit $1.1 billion this year, marking a 26 percent year-on-year growth, according to a report by research group Newzoo. The 2019 League of Legends World Championship finals peaked at 2.9 million viewers, almost doubling last year’s totals. And Comcast Spectacor and The Cordish Companies put together a $50 million plan to build the “largest new-construction, purpose-build esports arena in the Western Hemisphere” within the Philadelphia Sports Complex.