Yudiz Solutions Ltd, a prominent player in blockchain, artificial intelligence, and game development, announced on Thursday (May 25) that it has obtained approval from the NSE (National Stock Exchange) for its initial public offering (IPO).
The company will be listed on NSE Emerge, the stock exchange’s platform dedicated to small and medium enterprises (SMEs). Yudiz Solutions will become the second gaming company to list on an exchange, following the footsteps of Nazara Technologies, which made its debut in 2021.
Bharat Patel, Chairman and Director of Yudiz Solutions, explained that the decision to proceed with the IPO amidst a market downturn was driven by the increasing number of internet and smartphone users in the country. Patel noted that the majority of new smartphone users are either playing games or being exposed to gamification in some form.
Additionally, Patel highlighted the favorable government policies supporting the gaming industry, which further contribute to its growth. He stated, “So we believe this is the right time for gaming companies to launch their IPO.”
Yudiz Solutions filed the draft papers for its IPO in March this year. The public offering will include a fresh issue of 2,717,600 equity shares, according to the draft red herring prospectus (DRHP).
The proceeds from the IPO will primarily be used to develop Yudiz Solutions’ gaming studio and multi-gaming platform, Patel revealed. The gaming studio will focus on creating casual, hyper-casual, and mid-core games for multiple platforms. It will also collaborate with other publishers and developers to expand its gaming offerings.
Patel emphasized that Yudiz Solutions will not venture into games that violate the country’s laws, such as casinos. The company will concentrate on casual, hyper-casual, and core games that align with legal requirements.
Furthermore, Yudiz Solutions intends to make acquisitions in international markets to bolster its presence in those regions. Patel stated that around 70% of the company’s revenue currently comes from international markets.
Yudiz Solutions, founded in 2011 and headquartered in Ahmedabad, is a global IT services provider offering web and mobile app development, AI/ML, AR/VR, IoT, and blockchain solutions. With a team of 400 professionals, the company has successfully completed over 6,000 projects for clients worldwide.
In FY23, Yudiz Solutions recorded a profit after tax of INR 2.75 crore, according to the company’s statement.
The upcoming IPO reflects Yudiz Solutions’ confidence in the growth potential of the gaming market and its commitment to expanding its offerings and international footprint.