ByteDance says it has no imminent plans for IPO

Image Source: The New York Times

ByteDance said on Friday that it has no imminent plans for an initial public offering. 

“There has been recent media speculation about our IPO plans. We would like to clarify that we’re not ready at this stage and do not have IPO plans yet,” TikTok owner ByteDance said in a statement to Reuters.

Sources familiar with the matter said back in September that TikTok owner ByteDance was planning to hold a U.S. initial public offering of TikTok Global, the new company which will operate the short video app, if the proposed deal be cleared by the United States government. 

ByteDance has also focused on expanding into the video gaming biz and to compete with PUBG Mobile developer Tencent with acquisitions in 2021. 

In late March, Beijing-based company announced that Nuverse, its video games unit, agreed to buy video gaming studio Moonton Technology at a $4 billion valuation. 

In mid-April, Nuverse also acquired Chinese game developer C4games for an undisclosed sum. 

Written by Jordan Bevan

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