Trading in the shares of Gamer Pakistan commenced on Monday, marking a significant milestone as one of the first Pakistan-based firms to be listed on a US stock exchange. However, the company faced a challenging start, with its share price experiencing a notable decrease of approximately 30% as of the time of this report.
Gamer Pakistan is an early-stage technology and e-sports company that specializes in various aspects of the gaming industry. Their focus areas include game development, in-game AI, community engagement, and the organization of e-sports events within Pakistan. E-sports, a rapidly growing industry, involve competitive video gaming by both amateur and professional teams or individuals, offering cash prizes and other incentives.
The company successfully raised $6.8 million by issuing 1.7 million shares at a price of $4 each on the Nasdaq, one of the world’s largest stock exchanges by trading value. These funds will be allocated towards expanding infrastructure, promoting and organizing esports tournaments in Pakistan, expanding their team, acquiring e-game developers, and facilitating general operational needs.
Additionally, Gamer Pakistan intends to gather valuable data pertaining to the gaming habits and mobility patterns of college students in Pakistan. This data will be utilized in advertising innovations and targeted marketing campaigns.
The company sees significant growth potential in the esports market, targeting the nearly half a billion global consumers of e-sports content. They are particularly focused on engaging with university students in Pakistan through live events and are in the process of building an esports platform to further enhance engagement and revenue opportunities.
Gamer Pakistan is optimistic about the growth prospects of the gaming industry in Pakistan. Research cited in their securities filings predicts that the number of Pakistani gamers will increase from 36.8 million in 2022 to 50.9 million by 2026.