Sachin Tendulkar Backed Smaaash Entertainment Expects to Raise Millions From IPO
A virtual gaming firm Smaaash Entertainment that was backed by Sachin Tendulkar is expected to launch its initial public offering (IPO) by the end of this year in December 2018.
The company has anticipated an amount of about $72 million (Rs 500 Cr) from its IPO. According to the reports, in the financial year 2017, Smaaash’s operating revenue closely doubled to $16 million (Rs 103.26 Crore), and along with this its losses also increased by around 33% to $5 million (Rs 32.8 Crore).
The funds acquired by the initial public offering will be utilized the purpose of inorganic growth initiatives, repay part of its debt and for the requirements of its working capital.
The company was founded in 2012 by film director and producer Shripal Morakhia. Smaaash is a gaming arcade operator with ...