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On the U.S. side, Sequoia Capital U.S. Growth Fund VIII, L.P. raised $998.5 million, according to . 120 limited partners invested in the fund.

On the Chinese side, the firm closed $1.7995 billion for and $549.5 million for .

Sequoia’s fifth China Growth Fund is its largest yet, coming in at twice the size of its fourth. Sequoia raised $899.5 million for China Growth Fund IV between 2016 and 2017, according and news reports.

The three filings updated today were initially submitted on June 19, 2018, and they indicate that the firm closed its first hard capital commitments for the funds in the days following the filings.

On that same day, Sequoia Capital also for its sixth India-focused venture fund, which closed out $695 million in mid-August 2018. Other filings from mid-June 2018 include and , which have yet to be updated at the time of writing.

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Late last night , a China-based private technology company focused on streaming content and esports, announced that it priced its IPO at $11.50 per share. The company sold just under 45 million shares at that price in the transaction, while existing shareholders sold around 22.5 million.

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According to DouYu, the IPO sold a total of $775.0 million in shares, a figure that could rise to $891.2 million if its underwriters purchase allotted optional shares. Reporting indicates that the company’s IPO is the largest China-based offering on U.S. markets, besting Luckin Coffee’s earlier debut.

It’s a big darn offering, making DouYu’s final pricing interesting.

The company had targeted a range of $11.50 to $14.00 per share, meaning that DouYu went public at the bottom-end of its expectations. No company wants to price at the low-end of its range. Companies want to post a range, raise it after seeing strong demand, and then price above the higher interval.

As a private company, DouYu raised from backers like and .

DouYu will go public, and it will put even more cash onto its balance sheet (the firm had over $600 million in cash on hand at the end of its most recent reporting period). But it won’t start life at the price that it hoped. The company’s shares will begin trading this morning.

Valuation

If I’m doing the math correctly, DouYu’s 32.46 million ordinary shares (the firm’s American Depositary Shares are worth 1/10th an ordinary share in the company) value the firm at $3.73 billion. If we count the underwriters’ option, the tally rises to $3.81 billion.

At the top end of its range, those numbers could have risen to $4.54 billion and $4.63 billion, respectively; that valuation gap shows how important a firm’s IPO pricing is, in practice, when a company debuts.

DouYu is one of three IPOs expected this week. For more, head here for information on the impending and debuts.

Illustration: .