Ahead of the 15th edition of the Indian Premier League (IPL), one of its most successful franchises, Chennai Super Kings (CSK), has become the country’s first sports Unicorn with its market cap having touched a high of Rs 7,600 crores and its share in the grey market trading in the Rs 210-225 price band.
The Mahendra Singh Dhoni-led CSK, which won its fourth IPL title in Dubai last year, now has a market cap more than its parent entity, India Cements. On Friday, India Cements’ market cap stood at Rs 6,869 crores.
Two key reasons which have led CSK’s market cap to go past its parent entity are the team winning its fourth IPL title in Dubai, and two new franchises being added to the upcoming season at record prices. The Sanjiv Goenka-led RPSG Group bought the Lucknow franchise (Lucknow Super Giants) for Rs 7,090 crore, while CVC Capital acquired the rights for the Ahmedabad franchise for 5,625 crore.