Mobile Global Esports, which is developing an esports platform for university competitions in India and South Asia, revised the terms for its upcoming IPO on Wednesday.
The San Clemente, CA-based company now plans to raise $17 million by offering 3.8 million shares (61% secondary) at a price range of $4 to $5. The company had previously filed to offer 2.5 million shares (60% secondary) at a range of $6 to $6.75. At the midpoint of the revised range, Mobile Global Esports will raise 7% more in proceeds than previously anticipated.
Mobile Global Esports states that it is launching an esports platform initially focused on esports competitions played on mobile devices by university teams and players representing universities located in India and elsewhere in South Asia. The company currently does not have significant revenues or operations.
Mobile Global Esports was founded in 2021 and plans to list on the Nasdaq under the symbol MGAM. WestPark Capital is the sole bookrunner on the deal.
