- Saturday, April 20, 2024
By: Shubham Ghosh
India’s electronic sports or Esports are making the country proud. After India’s Esports team won a bronze medal at the recently held Commonwealth Games in the UK, an Esports company has been listed on American stock exchange Nasdaq.
According to Moneycontrol News, Mobile Global Esports of MOGO’s shares were opened on July 29 for subscription on the Nasdaq Capital Market and closed on August 2 following which it became the first Esports firm to get publicly listed in the US.
Sunny Bhandarkar, chief executive officer, MOGO Sports, told Moneycontrol that the company raised nearly Rs 55 crore (£5.7 billion) by selling 1.725 million shares at $4 (£3.31) a piece, adding that its share price went up by more than three times to $12.57 (£10.4) from its issue price.
“It wasn’t an easy journey as the company is relatively new. The main reason we listed on the Nasdaq was because we know that people in the US know how powerful universities are (in terms of sports). We knew that if we list on Nasdaq we would get more engagement from people,” Bhandarkar was quoted as saying by Moneycontrol.
MOGO Esports’ journey kicked off in 2016 when the Sports Industry of India (SII) introduced Esports to the Association of Indian Universities (AIU) — an academic and sports body that represents more than 850 major universities.
SII is an American branding, marketing and sports promotion company which transferred its rights to business to MOGO last. It holds a 14.5 percent stake in MOGO.
