Dream Sports, the parent company of fantasy gaming platform Dream11, is reportedly working on a US listing by early next year and might raise USD 1.5 billion through the process. The company is in talks with investment banks for the proposed initial public offering (IPO), The Economic Times reported.
The listing might value the company at USD 6 billion. In March, Dream Sports raised USD 400 million in a secondary round which valued the company at USD 5 billion.
Harsh Jain, co-founder of Dream Sports, had not responded when contacted by the newspaper. A company spokesperson, too, had not responded to queries raised by the publication.
Moneycontrol could not independently verify the news report.
Morgan Stanley, JP Morgan and Citigroup are among the investment banks that reportedly made presentations to Dream Sports in the first week of April.
"The bankers have made presentations. The company indicated that the next round of fundraising could be through a listing. So talks are in that direction," a person aware of the development told the publication.
However, no concrete IPO mandate, quantum of fundraising or timeline have been given, the news report suggested.
Dream Sports may list through a special purpose acquisition company (SPAC), or blank cheque company, the report added.
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Jain is a board member of Think Elevation Capital Growth Opportunities, a SPAC launched by Ravi Adusumalli and Shashin Shah. The proposed US listing could include both primary and secondary sale of shares, and some early investors could make an exit, the report added.
First Published: Apr 19, 2021 1:31 PM IST
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