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Dream Sports looks at $1.5B US listing, valuing itself at $6B

Dream Sports, the parent company of Dream11, is in talks with investment banks for a US listing by early 2022, joining the list of Indian tech unicorns looking at foreign listings.

It is contemplated that Dream Sports may raise around $1.5 billion through this listing, valuing the company at $6 billion, an almost 40% rise from the funding round that closed in March 2021. 

Investment banks like JP Morgan, Morgan Stanley, and Citigroup have made presentations to them earlier this month. No definite initial public offering (IPO) mandate has been decided yet. There are implications that Dream Sports will draw a listing via a blank cheque company, or a special purpose acquisition company (SPAC), for listing in the USA market. 

Co-founder of Dream Sports, Harish Jain is a board member of Think Elevation Capital Growth Opportunities, a SPAC launched by Shashin Shah and Ravi Adusumalli with a focus on Indian tech companies attempting to list themselves in the US.

The intended listing will include both a primary and secondary sale of shares. Dream Sports raised $400 million last month from tech investors including TCV, D1 Capital Partners, and Falcon Edge, with participation from existing investors Tiger Global, Footpath Ventures, ChrysCapital, TPG Growth, and Steadview Capital. 

The investment boosted the company’s valuation to $3.6 Billion currently from $2.5 billion in September 2020, when it raised $225 million in funding from Tiger Global, ChrysCapital, and TPG Tech Adjacencies. 

All investors, including early investors such as Kalaari Capital and Multiples Alternate Asset Management, collectively hold around 80% stake in Dream Sports. Established in 2008, the sports technology company became the first Indian gaming start-up to join the unicorn club and has raised around $720 million so far. Dream11 generated revenue of INR 775 crores in 2019, way more than INR 224 crores in 2018. 

It is a proud moment for the nation to see unicorns like Dream Sports aiming to list overseas. This will put Indian unicorns in the global space and bring more attention to them.

Shishir Gupta, Founder and CEO, StartupLanes

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