Prominent esports franchise Ninjas in Pyjamas began public trading on Friday, the latest financial litmus test for an industry—and business model—still reeling from an investment boom and bust cycle.

NIP Group, which owns Ninjas in Pyjamas, Chinese gaming org eStar and Chinese representation agency ESVF, is hoping to raise about $20.25 million from its IPO, according to SEC filings from [last] week. That’s 2.25 million shares at an IPO price of $9, at the bottom of the $9-$11 range listed in an F-1 filing earlier in the month. It will list on the Nasdaq under the ticker symbol NIPG.

Ninjas in Pyjamas is part of the industry’s early vanguard, having been in esports since 2000, with dozens of trophies in titles such as Rainbow Six, CS:GO and FIFA.

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