Smaash Entertainment plans for Rs. 500 crore IPO

The leading entertainment brand SMAASH Entertainment Limited is expected to raise Rs. 500 crore for in-organic growth across the country.

Smaash Entertainment is Sachin Tendulkar-backed virtual sports and entertainment company founded in 2012 by businessmen Shripal Morakshia. It is endorsed by Virat Kohli.

The company had a deal with special purpose acquisition company I-AM Capital for US$49 million investment to acquire 24.5 per cent stake in Smaash Entertainment. The company will start the process for IPO after closing the fundraising program.

The proceeds from the IPO will be used for funding inorganic growth, repay the debt and for other working capital purposes. The company raised Rs. 90 crore from Avendus Wealth Management and acquired business of BluO entertainment from the JV between PVR Limited and major cineplex group for Rs. 86 crore.

The company operates through digital entertainment centres for cricket and football and other types virtual entertainment across 30 centres in India and has a centre in the US too. It envisages opening centres in Dubai, Saudi Arabia and Thailand.