Yudiz Solutions receives NSE approval for IPO

Share via:

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.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

Popular

More Like this

Yudiz Solutions receives NSE approval for IPO

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.

Disclaimer

At StartupNews.fyi we strive to uphold the highest ethical standards in all of our reporting and coverage. We want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

More like this

D2C home cleaning brand Koparo raises $1.5 million in...

Koparo, a sustainable home and personal hygiene D2C brand...

AI solutions startup Course5 Intelligence raised $53 million funds...

Analytics and AI solutions startup Course5 Intelligence raised $53...

Snack Brand TagZ Foods raised undisclosed amount from Indian...

Omnichannel snack brand TagZ Foods raised undisclosed amount from...

Popular

Upcoming Events

Startup Bootcamp - Entrepreneurship Alchemy | May 18 - July 6

Transforming Ideas into Gold: Learn The Entrepreneurship Alchemy"

Crypto Expo Asia 2023 | June 7-8

Meet professionals and gain knowledge to keep yourself ahead in Crypto Space.

World AI Show- Jakarta | June 07 - 08

Addressing sector-wide issues with innovative AI solutions to create transformative disruptions in sectors of...

Free Exclusive Meet- Pedal Start | June 03(Bangalore) - June 07(Delhi NCR)

PedalStart is coming with 2 offline founders networking meet in Bangalore and Delhi NCR...

WORLD AI SHOW - Dubai | June 7-8

NAVIGATING THE NEXT WAVE OF ENTERPRISE AI  

Startup Information that matters. Get in your inbox Daily!

Someday is not a day of the week.