M17 Entertainment Files For U.S. IPO

SEEKING ALPHA – May 22 – M17 Entertainment intends to raise $115M in a U.S. IPO. The company provides an online live streaming and dating app for the more developed countries in Asia. The firm has developed a live streaming platform known as 17 Media. The platform was launched in Taiwan in July 2015. 17 Media had 33.3M registered users as of March 31, 2018. The company also operates Paktor, launched in Singapore in 2013, and Goodnight, M17 Entertainment's main dating apps. The platform allows artists to stream performances at any time and from anywhere with an internet connection. 2017 revenue was $79.5M with gross profit of $14M. The firm will use the net proceeds from the IPO for expansion into Japan and other new markets; for content development, including PGC and new content formats; and the remainder for strategic merger and acquisition opportunities.