Esports Firm Prepares for Public Markets
NODWIN Gaming is in active discussions to raise between $100 million and $200 million in a pre-IPO funding round. The esports and youth entertainment company aims to secure a mix of primary capital and secondary share sales as it prepares to list on the public markets.
During the current fiscal year, NODWIN was deconsolidated from the financial books of its parent firm, Nazara Technologies, after a capital raise diluted Nazara’s holding to approximately 46-47%. While Nazara remains the largest shareholder, the deconsolidation allows NODWIN to operate as an independent entity and pursue a separate valuation trajectory ahead of its public debut.
Board Restructuring and Leadership Additions
To support its IPO preparation, NODWIN has made several changes to its board and executive leadership. Former Nazara CEO Manish Agarwal has joined as a non-executive director to guide the listing process, alongside Sidharth Kedia as Chief Strategy and Investments Officer. Financially, the company has shown improvement, reporting a positive EBITDA of ₹21 crore for FY26 compared to losses in the previous fiscal year.
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