Renaissance Capital logo

Esports platform developer Mobile Global Esports widens range to $6 to $6.75 ahead of $16 million IPO

May 23, 2022

Mobile Global Esports, which is developing an esports platform for university competitions in India and South Asia, raised the proposed deal size for its upcoming IPO on Monday. In its latest filing, the company also disclosed financials for the three months ended March 31, 2022, and changed its proposed ticker.

The San Clemente, CA-based company now plans to raise $16 million by offering 2.5 million shares (60% secondary) at a price range of $6 to $6.75. The company had previously filed to offer the same number of shares at $6. At the midpoint of the revised range, Mobile Global Esports will raise 6% more in proceeds than previously anticipated and command a $114 million market cap.

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 (previously MOGL). WestPark Capital is the sole bookrunner on the deal.