Dream11’s parent company is reportedly the latest contender for a public market debut in the US
- The company is looking to raise $1.5 billion at a valuation of $6 billion.
Dream Sports' IPOin the US could be through a special purpose acquisition company ( SPAC).
- Dream Sports’ news on listing follows the reports of firms like Zomato, Delhivery, Nykaa, Pine Labs among others which are all looking to make their public market debut.
Dream Sports’ news about the listing follows the reports of unicorns like Zomato, Delhivery, Nykaa, Pine Labs among others which are all looking to make their public market debut.
Business Insider has written to Dream Sports requesting comments and the story will be updated if and when the company responds.
The news of Dream11’s IPO comes at a time when India has just seen its first public market listing for a gaming company – Nazara Technologies.
As per the news report, banks like Morgan Stanley, JP Morgan and Citigroup are in talks with the company for the probable listing, which could also be through a special purpose acquisition company (SPAC). SPAC companies are generally formed as “blank cheque” firms with the specific purpose to raise capital through a market debut to acquire another company.
E-commerce giant Flipkart is also looking to list in the US through a merger with a SPAC, while renewable energy firm Renew Power has already announced its merger with a blank cheque company for a listing in the US.
Dreamsports had last raised $400 million in March, 2021. With the same, the sportstech platform's valuation had almost doubled to $5 billion. The secondary investment round was led by investors TCV, D1 Capital Partners and Falcon Edge, while the company's earlier investors Tiger Global, ChrysCapital, TPG Growth, Steadview Capital and Footpath Ventures too participated in the round.
The 13-year old startup had also become the title sponsor of the Indian Premier League (IPL) in 2020.
Razorpay raises $160 million at $3 billion valuation, plans for more acquisitions
VCs say 10 unicorns in 4 months may seem too small by the end of this year
Popular on BI
- Towards a brighter tomorrow: India's G20 Presidency and the dawn of a new multilateralism
- Exploring India's majestic glaciers: 10 frozen wonders
- New fund alert: 'Axis India Manufacturing Fund'
- Anti-collision system KAVACH, Delhi-Kolkata, Delhi-Mumbai corridor to see completion in 2024-25: Vaishnaw
- Top 10 places to visit in India in December