After previously exploring a listing via a blank-check firm, the company behind mixed martial arts brand One Championship is considering a US initial public offering, according to people familiar with the matter.
The people said that Group One is changing its legal domicile to the Cayman Islands from its current one in Singapore as a step towards a potential US listing, and they asked not to be identified because the matter is private. The people said the company plans to notify the Accounting and Corporate Regulatory Authority, the Singaporean regulator, as early as Monday.
In December, the MMA firm raised $150 million in equity financing led by Guggenheim Investments and Qatar Investment Authority. The people said that the round gave Group One a post-money valuation of $1.35 billion.
Group One will use funding from the December round to boost its growth strategy, including diversifying its content offerings and expanding outside Asia.
The people said that the company could explore other ways of financing and that there was no specific timeline for a possible IPO.
In an interview, Hua Fung Teh, president of Group One, said that the company was entering a new stage of global growth, which means structuring the company appropriately to take advantage of the various strategic opportunities ahead of us.
The parent company of One Championship had been contemplating a listing in the US via a merger with a special purpose acquisition company, according to Bloomberg News last year. The Singaporean sports media firm had picked Credit Suisse Group AG and Goldman Sachs Group Inc. to prepare for the potential listing, the people said at the time.