Lately, in March 2021 the popular Fantasy sports platform Dream 11 has raised $400 million from top giants Airbnb and Netflix, which led them to enter the Unicorn club, valued the firm at $5 billion. Now its parent holding Dream Sports is all set for preparing its biggest IPO or US listing by early 2022. It might raise $1.5 billion via the process.
The firm is already in top discussions with investment banks which would support them and take the lead of the IPO. Also, for the proposed IPO (initial public offering), stated by Economic Times.
The top US listing might help the firm to be valued at $6 billion, which a plus $1 billion to the last funding round funds ($5 billion) in March 2021.
Meanwhile, the co-founder of Dream Sports refused to respond when contacted by the newspaper. One of the spokespersons too had not responded to the quotations raised by the media.
Sources suggest that the investment banks for the IPO would be Morgan Stanley, JP Morgan, Citigroup, which made presentations to Dream Sports in the first week of April for the execution of the US listing.
Thus, with the banks’ presentations, the firm stated that the next round of fundraising could be via a listing or IPO. so, all the updates, statements, and news are in that direction.
But until now, no quantum of fundraising or timeline has been given, the news suggested. The firm may raise a special purpose acquisition company (SPAC), or a blank cheque firm.
The resort added- the board member of Think Elevation Capital Growth Opportunities, a SPAC is Jain, which was launched by Ravi Adusumalli and Shashin Shah.
Lastly, the proposed US listing could involve both primary and secondary sales of shares or stocks, and some other investors could make an exit.
