Gamer Pakistan, a pioneering technology and e-sports firm from Pakistan, marked a historic milestone by debuting on the New York-based Nasdaq exchange.
Gamer Pakistan, a pioneering technology and e-sports firm from Pakistan, marked a historic milestone by debuting on the New York-based Nasdaq exchange. However, the initial fervor was met with a significant challenge as the share price experienced a sharp decline of around 30 percent on Monday.
Established in 2021, the Gamer Pakistan positioned itself as a distinctive player in the flourishing realm of e-sports and gaming. Despite the challenging market debut, the company successfully garnered $6.8 million by selling 1.7 million shares at $4 each.
The firm’s core operations encompass game development, in-game AI, community engagement, and the organization of e-sports events within Pakistan. Their vision extends to tapping into the global e-sports market, which boasts nearly half a billion enthusiasts worldwide.
With the newly acquired capital, Gamer Pakistan has ambitious plans. These include the development of essential infrastructure, fortification of e-sports tournaments in Pakistan, expansion of their workforce, acquisition of e-game developers, and provision of working capital for ongoing operations.
Additionally, the company is exploring a unique avenue for revenue generation by collecting data on the mobility patterns of college students in Pakistan related to video gaming, with intentions to sell this data in ad exchanges.
According to research cited in the Gamer Pakistan’s securities filings with US regulators, an estimated 36.8 million Pakistanis engaged in video gaming in 2022. This figure is projected to grow to 50.9 million by 2026. Despite the company reporting a net loss of $0.31 million in 2022, investors are drawn to the immense growth potential within the Pakistani gaming market.
This debut on the Nasdaq exchange signifies a significant stride for Gamer Pakistan and the e-sports industry in Pakistan at large. Despite the initial stock slump, the company’s innovative approach and strategic vision hint at a promising future in the global gaming arena.