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Amarylisa Gonsalves
Posted on 04 Oct, 2022
By Amarylisa Gonsalves
On 04 Oct, 2022
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By Amarylisa Gonsalves
On 04 Oct, 2022
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Deltatech Gaming Gets Approval For 550 Crore IPO


Deltatech Gaming Ltd., a subsidiary of India’s largest gaming and casino brand Delta Corp, has received approval for carrying out an initial public offering (IPO) worth ₹550 Crore.

Deltatech Gaming Limited was formerly known as Gaussian Networks. It has played a significant role in India’s online gaming industry since it’s launch in 2011. The brand offers some of the country’s top online real money gaming (RMG) platforms like Adda52, Adda52Games & Adda52Rummy.

Following the news of the IPO approval, the stock prices of the parent company, Delta Corp Ltd., also spiked up today morning. As of 11.08 AM on 4th October 2022, the stocks of Delta Corp stood at ₹211 by +9.70 (4.82%) from yesterday’s high. 

Delta

Deltatech Gaming Ltd. filed the share sale documents with the markets regulator Securities and Exchange Board of India (Sebi) in June 2022. By the end of the financial year 2021-2022, its subsidiaries Adda52 and Addagames had 5.5 million registered users. According to the documents of the IPO, the company will be responsible for selling new shares worth 300 Crore independently, while its parent firm Delta Corp. Ltd will sell the existing shares worth 250 Crore.

From the proceeds accumulated by the issuance, 150 Crore will be used for marketing and business promotion to achieve organic growth of the brand, and 50 Crore will be channelised to strengthen technological infrastructure.

For more news and updates, keep reading Gutshot Magazine. Follow us on our social handles FacebookTwitterInstagram, and Telegram.

https://bit.ly/GSAdda



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