Game on! This Rakesh Jhunjhunwala-backed company files for IPO

Shares of Casion operator Delta Corp surged after its wholly-owned subsidiary Deltatech Gaming Ltd filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The gaming company is planning to raise Rs 550 crore through the IPO as the initial share sale will comprise of a fresh issue of Rs 300 crore and an offer for sale (OFS) of the Equity Shares held by the company, for an amount aggregating up to about Rs 250 crore.

Noteworthy, the IPO will be subject to market conditions.

Upon completion of the Offer, Deltatech Gaming will continue to be a subsidiary of Delta Corp Limited.

Delta Corp is an Indian gaming and hospitality company in India, that owns and operates casinos (live, electronic and online).

Ace investor Rakesh Jhunjhunwala held a 4.3 percent stake in Delta Corp at the end of the March quarter while his wife held a 3.18 percent stake in the company as of March 31.