Yudiz Solutions Ltd, a blockchain, artificial intelligence, and game development company, on Thursday (May 25) said it has received approval from the NSE for its initial public offering (IPO).

The company will list on NSE Emerge, the stock exchange’s platform for small and medium enterprises (SME). It will become the second company from the gaming space, after Nazara Technologies, to list on an exchange. Nazara Technologies made its debut on the stock exchanges in 2021.

Talking about the company’s decision to go ahead with its public offering at a time when a number of technology companies and startups have been deferring their IPOs due to market downturn, Bharat Patel, chairman and director of Yudiz Solutions, told Inc42 he believes that this is the correct time to go public as the number of internet and smartphone users are increasing in the country.

Patel said most of the new smartphone users either play games or are exposed to some form of gamification.

Moreover, government policies are also becoming favourable for the gaming segment and this is further boosting the growth rate of the industry, Patel added. “So we believe this is the right time for gaming companies to launch their IPO.”

Yudiz Solutions filed the draft papers for its IPO in March this year. As per the draft red herring prospectus (DRHP), the public offering will consist of a fresh issue of 27,17,600 equity shares.

The proceeds of the IPO will be primarily used for developing Yudiz Solutions’ gaming studio and multi-gaming platform, Patel said.

The gaming studio will focus on creating casual, hyper-casual, and mid-core games for multiple platforms. It will also develop games for other publishers and allow other developers to publish games on its new publishing platform, the chairman added.

“We are not going into the games which are absolutely against the laws of the country. We do not want to do things like casinos and all that, which is kind of a game of chance. Hyper casual and casual and the core would be the major focus,” Patel said.

Besides, Yudiz Solutions also plans to make some acquisitions in the international market to expand its footprint in those areas. Patel said around 70% of the company’s revenue comes from international markets.

Founded in 2011, Yudiz offers enterprise solutions through synergised trending technologies. The company, headquartered in Ahmedabad, is a global IT services provider and consultant that offers solutions in web and mobile app development, AI/ML, AR/VR, IoT, and blockchain.

The IPO-bound company has a team of 400 people and claims to have catered to and delivered over 6,000 projects for several clients globally.

Yudiz recorded a profit after tax of INR 2.75 Cr in FY23, the company said.

In December last year, another new-age tech startup, DroneAcharya Aerial Innovations, got listed on the BSE’s SME platform.