Deltatech Gaming formerly known as Gaussian Network Pvt Ltd, a wholly owned real money gaming subsidiary of casino operator Delta Corp, on June 16 filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a Rs 550 crore initial public offering (IPO).
The offer comprises fresh issues of shares worth Rs 300 crore and an offer for sale of up to Rs 250 crore.
“We wish to inform you that Deltatech Gaming Limited (formerly known as Gaussian Networks Private Limited) (“DGL”), a wholly owned subsidiary of Delta Corp Limited (the “Company”), has filed a draft red herring prospectus dated June 16, 2022 (“DRHP”) with the Securities and Exchange Board of India, for a proposed initial public offering,” Delta Corp announced in an exchange filing.
Deltatech Gaming offers real money gaming via Adda52 and Adda.games platforms and had over 55 lakh registered gamers as of FY22-end.
Delta Corp shares surged nearly 5% in the early trade today. The stock has declined by 33% in 2022 (YTD) so far.
Delta Corp had reported a consolidated net profit of Rs 48 crore for the fourth quarter, down 17% as compared to Rs 58 crore in the corresponding period last year. The company’s sales rose marginally to Rs 218 crore from Rs 211 crore a year ago.
Delta Corp bought Gaussian Network in 2017 for around Rs 224 crore.
Delta Corp was incorporated in 1990 as a textiles and real estate consultancy company and has evolved into diversified segments like Casino gaming, online gaming, hospitality, and real estate.
