Delta Corp's Deltatech Gaming files DRHP for proposed IPO; stock spurts ~5%

17 Jun 2022 , 10:36 AM

Delta Corp Limited informed that its wholly-owned subsidiary Deltatech Gaming Limited (formerly Gaussian Networks) has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for proposed Initial Public Offering (IPO).

The company filed the DRHP on June 16, 2022.

The proposed IPO comprises of a fresh issue of its equity shares of the face value of Rs1 each for an amount aggregating up to Rs300 crore and an offer for sale of the Equity Shares held by the company for an amount equal to Rs250 crore.

The IPO includes reservations for eligible employees of DGL and the Company and eligible public equity shareholder(s) of the Company.

The IPO will be subject to market conditions, receipt of applicable approvals, and other considerations.

The board of directors of the company accorded its approval for participating in the OFS in the Offer at the meeting held on June 16, 2022.

Deltatech Gaming, which operates the Adda52 and Adda.games platforms, has over 55 lakh registered gamers as of the end of FY22. Gaussian Network was purchased by Delta Corp in 2017 for roughly Rs224 crore.

Delta Corp began as a textiles and real estate consulting firm in 1990 but has since expanded into a variety of industries, including casino gaming, online gambling, hospitality, and real estate. 

At around 10.41 AM, Delta Corp was trading at Rs172.10 up by Rs8.25 or 5.04% from its previous closing of Rs163.85 on the BSE. The scrip opened at Rs164.70 and has touched intraday high and low of Rs174.45 and Rs163.55 respectively.