Indian Premier League (IPL), one of its most successful franchises Chennai Super Kings (CSK), has become India’s first sports Unicorn with its market capitalization having crossed Rs 7,600 crores its share in the grey market trading at Rs 210-225 price range.
MS Dhoni-led CSK, which won its 4th IPL title in Dubai the previous year, now has a market cap crossed by its parent entity, India Cements. This Friday, India Cements’ market capitalization stayed at Rs 6,869 crores.
Two main reasons which have led CSK’s market value to go past its parent body are the team winning its 4th IPL title in Dubai and 2-new franchises being added to the upcoming season at record prices.
The Sanjiv Goenka-led RPSG Group purchased the Lucknow franchise (Lucknow Super Giants) at Rs 7,090 crore, although CVC Capital has taken the rights for the Ahmedabad franchise for 5,625 crores.
”Passion for cricket is so much in India.” – N. Srinivasan and BCCI president said in a talk
The managing director, N. Srinivasan of India Cements and former president of the Board of Control for Cricket in India (BCCI), was discussed on Friday.
“Brand CSK will outgrow Brand India Cements. If you look at the history of franchise-based leagues in the US, it will outgrow everything. Passion for cricket is so much in India, and the road between countries will see franchise-based leagues getting precedence as we go along.”
#CSK becomes the 1st Sports Unicorn in #India
Achieves a Market Cap of $1 Billion in the Private Equity Market..
— Ramesh Bala (@rameshlaus) January 30, 2022
October 26 last year, the markets shares of Chennai Super Kings Cricket Limited (CSKCL), which controls CSK, hit an all-time peak in the unlisted market, fluctuating from Rs 110-120 per share, crossing the Rs 220-mark in trade within a week. It carried CSKCL’s market cap to approximately Rs 7,000 crore, which was just Rs.500 crore short of making it to the Unicorn club and came just 11 days after they defeated Kolkata Knight Riders by 27 runs in the IPL final.
Also read:- Live update: 2022 IPL Auction Date and time Retain and Release players list.