Blockchain Firm Yudiz Solutions To Launch INR 44 Cr IPO On August 4

Yudiz Solutions, a blockchain, artificial intelligence and game development company, is set to launch its initial public offering (IPO) on August 4, 2023. The company plans to raise INR 44.84 Cr via the IPO.

The IPO will consist of a fresh 27,17,600 equity shares of the face value of INR 10. The price band issue has been fixed at INR 162 to INR 165.

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, Yudiz said in an official statement.

The issue will open on August 4 and will close on August 8, 2023. The IPO will be listed on the NSE’s SME Platform, NSE Emerge.

Back in March, Yudiz Solutions filed draft papers with NSE Emerge for its IPO.

The company said in its DRHP that it 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.