Indian online gaming company Mobile Global Esports files for $15m IPO

Mobile Global Esports (MGAM), an online competitive gaming company focused on the emerging esports market in India, has filed for an initial public offering of $15 million, with around 60% of the shares sold by the existing shareholders.

The American company, also known as Mogo, said in a file that it plans to offer 1 million shares at a price between $6 and $6.75 per share, with $6 being the most likely price given current market conditions. Underwriters will have the option to purchase an additional 150,000 shares.

Additionally, the selling shareholders will offer 1.5 million shares after the stock trades in the US market. The company has applied to list its shares on Nasdaq under the symbol MGAM. WestPark Capital acts as bookrunner.

Mogo said it plans to use proceeds from the deal, which it estimates at around $6 million, to expand its operations in India and other Southeast Asian countries.

Organized in March 2021, MOGO had no reported operating income as of March 31, 2022. The company was established to grow the esports business started by US-based Sports Industry of India, or SII.

MOGO first filed an IPO in December 2021.

For more information on IPOs, see SA’s IPO News page.