Deltatech Gaming formerly known as Gaussian Network Pvt Ltd, a wholly owned real money gaming subsidiary of casino operator Delta Corp, on June 16 filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The disclosure was made in a stock exchange filing.

The offer has a total size of Rs 550 crores which includes fresh issues of shares worth Rs 300 crore and an offer for sale of up to Rs 250 crore. Delta Tech which operates multi-gaming platform under the brand name Adda52 will continue as a subsidiary of Delta Corp.

“We wish to inform you that Deltatech Gaming Limited (formerly known as Gaussian Networks Private Limited) (“DGL”), a wholly owned subsidiary of Delta Corp Limited (the “Company”), has filed a draft red herring prospectus dated June 16, 2022 (“DRHP”) with the Securities and Exchange Board of India, for a proposed initial public offering,” Delta Corp announced in an exchange filing.

Delta Corp earlier said the IPO  proceeds will be used to build a “dedicated war chest” to grow this business. The company which started as poker only website recently launched a multi-gaming platform and has, actively started the marketing, sales promotional activity, for the multi-gaming platform, which basically offers Poker and Fantasy League, Rummy, and other real money games, such as Callbreak, Fruit Ninja, the Slice Ninja. The bulk of proceeds from the IPO will be used for future acquisition of players, marketing, brands, sales promotion, and growth, CFO Dhebdar said in January.