SUMMARY
The public issue consists of a fresh issue of 27,17,600 equity shares
The IPO will make Yudiz the first company in the blockchain segment to go public
Yudiz Solution offers solutions in web and mobile app development, AI/ML, AR/VR, IoT, and blockchain
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Yudiz Solutions, a blockchain, artificial intelligence and game development company, has filed draft papers with the NSE’s SME Platform, NSE Emerge, for its initial public offering (IPO).
The IPO will make Yudiz the first company in the blockchain segment to go public.
The public issue consists of a fresh issue of 27,17,600 equity shares.
Yudiz will use the proceeds of the IPO to develop new products and technology and for branding and marketing. It will also use the funds for exploring acquisition of technology companies in India and abroad, capital expenditure and working capital requirements.
Founded in 2011, Yudiz offers enterprise solutions through synergised trending technologies. The company, headquartered in Ahmedabad, is a global IT services provider and consultant that offers solutions in web and mobile app development, AI/ML, AR/VR, IoT, and blockchain.
Ability Games, which is engaged in the business of online fantasy gaming and development of innovative gaming products, is the holding company of Yudiz. The IPO-bound company has a team of 400 people and claims to have catered to and delivered over 6,000 projects for several clients globally.
Yudiz’s consolidated net profit declined to INR 73.89 Lakh in the financial year 2021-22 (FY22) from INR 80.57 Lakh in FY21, while operating revenue grew to INR 18.76 Cr from INR 12.82 Cr in the previous year.
Yudiz will become the second company from the gaming space, after Nazara Technologies, to list on an exchange. Nazara Technologies made its debut on the stock exchanges in 2021.
In December last year, another new-age tech startup, DroneAcharya Aerial Innovations, got listed on the BSE’s SME platform.
Amid the funding winter and global macroeconomic uncertainties, inflationary pressure, and fears of an impending recession, the year 2022 saw many startups like PharmEasy, Snapdeal and MobiKwik postponing or cancelling their plans to go public.
Moreover, the listed startups also performed poorly in the stock market last year making tech startups cautious about IPO.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.