The IPO for blockchain, AI, and game development firm Yudiz Solutions Ltd will open on August 4, 2023 as per director Suraj Chokhani, who revealed the details in a LinkedIn post today.
As reported earlier, the listing will take place on the National Stock Exchange’s NSE Emerge platform. The lot size comprises 800 shares of face value Rs 10 with offer price ranging from Rs 162 – Rs 165. The closing date for application is August 8.
The company will raise Rs 44.84 crore via the IPO. Out of 27,17,600 shares, 1,36,800 equity shares will be reserved for subscription by the market maker, the remaining 25,80,800 will be referred to as the ‘net issue’. The issue and net issue will constitute 26.33% and 25.01% respectively of the post issue paid up equity share capital of the company.
With the IPO proceeds, the company aims to invest around Rs 8 crore to set up a gaming studio which will aim to develop over 40 high quality games a year. The company will become the first blockchain, AI and gaming entity to be publicly listed in India.
Yudiz will be publishing its games on its own platform along with allowing other developers to publish their own on it, too. This is expected to make it a platform with high quality games, forging strategic partnerships between the firm and game developers.
Recently, Yudiz revealed that it will be looking to acquire companies in the West to complement its offerings. The IPO-bound company is planning to spend Rs 12.31 crore from the proceeds for acquisitions and expansion.
With the establishment of a new game studio, the company will also create job opportunities for game developers, animation, VFX, 3D modelling and graphic designing experts.
The company is also focusing on blockchain, AI, web and mobile app development across Asia, North America and Europe. Some of its clients include RR Kabel, Akasa Air, MPL, Zydus, IRM Energy, and SportsBuzz. The company might also use its growing tech prowess for advanced game development projects which will help it in boosting the Web3 gaming scene with high quality games.