IPO-bound Yudiz Solutions Ltd, an enterprise technology company focused on blockchain, artificial intelligence and gaming, has received approval for a Small and Medium Enterprise (SME) IPO (Initial Public Offering) from the National Stock Exchange (NSE).
Upon approval, the company will invest around Rs 80 crore in setting up a game studio and multi-game platform. The game studio aims to produce more than 40 games per year.
Yudiz Solutions, best known for developing apps, will now be among the first game developers to go public and have its own publishing platform.
The new Yudiz Game Studio will focus on creating high-quality games for multiple platforms. Games developed by the company include Phonics Museum, BFK Warzone, and more.
It will also consider developing games for other publishers and allowing other developers to publish games on their new distribution platform.
“The new business venture will foster industry growth, providing us with the necessary resources to drive innovation, expand our game portfolio, enhance the gaming experience and grow the community of gamers. It will also allow us to form strategic partnerships and attract top talent and strengthen our position as a strong competitor in the field,” said Bharat Patel, chairman and director of the company.
Yudiz posted a profit after tax (PAT) of Rs 2.75 crore in FY22-23. With the recently approved DRHP (Draft Red Herring Prospectus), the company will sell a public offering consisting of 27,17,600 new equity shares.