New York (USA), August 4: Mobile Global eSports Inc. (MOGO), a mobile esports company operating out of India, has taken the stock market in the US by storm.
Mobile Global eSports Inc. has gone public in the US by listing on Nasdaq. The company sold 17.25 lakh shares at $4 apiece to raise $6.90 million (approximately Rs. 55 crores). The IPO has turned out to be arguably the hottest issue of the summer as the shares surged to $12.57, more than triple the issue price, with over 1.35 crore shares changing hands on its Nasdaq debut.
“Mobile sports is set to grow at a tremendous pace over the years. The combination of India, which is home to the youngest population in the world and one of the fastest-growing major economies, and the fastest growing sport, is an unbeatable one. Mobile Global eSports is uniquely poised to make the most of the opportunities that India offers. We have chosen to maintain a low profile and let our performance speak for itself. The amazing response to our IPO is a testimony to our work and future prospects,” said Sunny Bhandarkar – Head of India, Mobile Global esports Inc.
The market buzz suggests that two of the seven grade A institutional investment firms together bought $1 million worth of Mobile Global eSports Inc’s shares. With the shares continuing to attract strong interest from individuals and institutions, investors in India may find it difficult to buy the shares.
Esports is on the rise in India as more and more people get hooked on it. The industry is projected to grow at a CAGR of 46% from Rs. 250 crores in 2021 to Rs. 1,100 crores by 2025, according to E&Y’s report “Ready. Set. Game on’ released in June last year. The report said the prize pool was expected to reach Rs. 100 crore by 2025. Online gaming has also become very popular in India, but in esports, teams or individuals compete against one another in different games of skill to win championship leagues or titles as in physical sports.
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