It was split off into a wholly owned subsidiary called RFRESH Teams ApS in November 2018.[11] Due to concerns about conflict of interest with RFRSH-owned tournament series BLAST Pro Series,[2] RFRSH demerged Astralis In November 2019.[11] While RFRESH was renamed into Blast ApS in July 2019,[13] RFRESH Teams ApS renamed into Astralis Group Management ApS,[11] which became a wholly owned subsidiary of newly established Astralis Group Holding ApS.[14] In November 2019, Astralis Group became the first esports organization to conduct an initial public offering,[15] with Astralis Group Holding ApS reforming as Astralis Group A/S.[14]