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DOHA, Aug 31 (Reuters) – Group ONE Holdings, the parent company of martial arts and gaming company ONE Championship, is planning an initial public offering (IPO) in the United States once market conditions are optimal to fuel its global expansion, the chief executive said.
To lay the groundwork, the firm is moving its legal domicile from Singapore to the Cayman Islands, Chatri Sityodtong, who is also the founder of ONE, told Reuters in a Zoom interview earlier this month.
According to Nielsen, a global audience measurement and data analysis company, ONE Championship has grown to become Asia’s largest sports media player.
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In June, at an economic event in Qatar, Sityodtong announced that ONE was valued at US$1.4 billion.
The company does not have an expected IPO date.
“A few things have to happen as preconditions. You have to be in a strong stock market to get the right valuation, but also for the stock to do well post-IPO,” Sityodtong said.
A strong global economy is also important to ensure the company has “tailwinds,” he said, adding that neither of those conditions are now in place.
A potential IPO is one of several options ONE is considering to raise capital, Sityodtong said, without elaborating.
The startup is backed by Sequoia Capital, its largest institutional investor, and the Qatar Investment Authority (QIA).
ONE now attracts an average of 50 million viewers per event, compared to around 40,000 viewers six years ago, Sityodtong said in June.
“The next step for us is definitely going global. Whether we host events in Qatar, Europe or North America, that’s all in the plans for the next 12 months or so,” he said.
ONE has signed a partnership with Media City Qatar after Qatar invested in the company eight months ago. Next year it will film part of its Netflix reality series The Apprentice: ONE Championship Edition in the Arabian Gulf state.
It also plans to set up studios in the Qatari capital Doha to host live martial arts events and is considering opening a regional headquarters in the Gulf state, Sityodtong said.
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Reporting by Andrew Mills; Edited by Christian Schmollinger
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