Motorsport Games looking to raise $40 million in newly launched IPO
Video game developer Motorsport Games is looking to raise $40 million as it plans to list on the Nasdaq under the symbol MSGM. The company has filed a prospectus with the SEC to raise $40 million in an IPO.
Motorsport Games will offer 2.35 million Class A common stock shares at a price range of $16 to $18 each which will go on to generate a total of $37.6 million to $42.3 million in gross proceeds. Following the IPO, Motorsport Games will have outstanding shares of worth $16.35 million.
Motorsport Games hosts multiple racing esports tournaments
Motorsport Games is a brand under the larger firm Motorsport Network who have given at least $6 million in funding to Motorsport Games who develop car racing video games for PC, consoles, and mobile devices. They have the popular NASCAR Heat series under their belt which has sold over 1 million copies and they are also currently working on developing games for the BTCC, or British Touring Car Championship. Motorsport Games also holds exclusive rights to organize NASCAR esports leagues and events.
Motorsport Games will also host the Le Mans Esports Series through a joint venture with Automobile Club de l'Ouest (ACO) who are the organizers of the 24 hour Le Mans races. In 2019, they partnered with racing game developer and publisher Codemasters. This partnership gave Motorsport Network worldwide rights (excluding China) to organize and manage official DiRT Rally 2.0 World Championship and official GRiD esport World Championship esports events.