The gaming industry in India will soon have another listed entity with Yudiz Solutions, a blockchain, artificial intelligence, and game development company, filing draft papers for IPO with NSE Emerge.
This move will make Yudiz the first publicly listed company in the blockchain, AI, and game development industry. Yudiz will also be the second gaming company to be listed on the stock market after Nazara Technologies. The IPO will consist of a fresh issue of 27,17,600 equity shares.
The company is raising funds for developing new products and technology, enhancement, branding and marketing. Moreover, it will explore technology companies for acquisitions in India and abroad, capital expenditure and working capital requirements.
Yudiz was incorporated in 2011, headed by chairman Bharat Patel, managing director Pratik Patel, and chief executive officer Chirag Leuva.
The merchant banker for the IPO is Narnolia Financial Services Limited and is also the lead manager to the issue. Delhi based IPO Consultants, Pro Legal Solutions and Longview Research and Advisory Services are the advisors to the issue.
As per Lumikai, India’s gamer population in FY22 was 507 million up from 450 million the year prior, growing at a 12 per cent CAGR. There are 120 million paying gamers in the country, growing at a 25 per cent CAGR. The last two years have seen significant developments in the space with the market seeing more than six strategic exits amounting to $775 million, three unicorns, and the public listing of Nazara Technologies.