Yudiz Solutions, a blockchain, artificial intelligence and game development company, has filed draft papers for IPO with the capital markets regulator SEBI. It is an SME issue and will be listed on the NSE Emerge platform.
The issue will make it the first blockchain, artificial intelligence and game development space to make a listing at Dalal Street and second in line to be listed in the pure-play gaming space after Nazara Technologies.
According to the draft papers, the issue entirely consists of a sale of fresh 27,17,600 equity shares, out of which 1,36,800 equity shares will be reserved for market makers.
The proceeds from the issue will be utilized towards raising funds for developing new products and technology, enhancement, branding and marketing. It is also looking to explore technology companies for acquisitions in India and abroad, capital expenditure and working capital requirements.
The company has appointed Narnolia Financial Services as the booking running lead manager to the issue, whereas MAS Services has been appointed as the registrar to the issue. Delhi-based IPO Consultants, Pro Legal Solutions and Longview Research and Advisory Services are the advisors.
The company has reserved 50 per cent of the net offer for qualified institutional buyers, whereas 15 per cent allocation will be given to the non-institutional bidders. The remaining 15 per cent of shares will be reserved for retail individual investors.
Incorporated in 2011, Yudiz is headquartered in Ahmedabad (Gujarat). It comprises a team of more than 400 young minds and adept mentors who have delivered over 6,000 projects for several prominent clients globally.
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