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Nazara Technologies to open IPO, expects to raise up to Rs 583 cr

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Nazara Technologies to open IPO, expects to raise up to Rs 583 cr

As the race to gain the maximum market share and become the biggest domestic gaming brand, Nazara Technologies is set to open its IPO on 17th March 2021. The company is expecting to raise over Rs 583 cr with its launch.

Nazara Technologies is a gaming and sports media firm with 10.82% of the total stake owned by Rakesh Jhunjhunwala. In this funding round, the company is offering 5.3 mn shares with a face value of Rs 4 per share in the price range of Rs 1,100-1,101 apiece. The company is offering lots of 13 equity shares and its multiples.

According to reports, the proceeds from the shares will go to the share-sellers and not the company. Also, Jhunjhunwala will be holding on to its stake in the company. Employees are allowed to buy a maximum of Rs 2 crore worth of shares.

Mitter Infotech LLP, Good Game Investment, IIFL Special Opportunities Fund, Azimuth Investments, and Porush Jain are amongst the initial promoters who will be offloading their stake in the market. Earlier in February, Nazara Technologies had raised Rs 100 cr from Hornbill Capital Adviser’s advised firm, Instant Growth Limited (IGL)

The merchant banking services will be undertaken by ICICI Securities, IIFL Securities, Jefferies India Pvt. Ltd., and Nomura Financial Advisory and Securities (India) Pvt. Ltd.

The company has already invested over Rs 300 cr in Indian Gaming Industry into various categories, including esports, interactive gaming, fantasy sports, multiplayer games, etc. It currently offers titles like World Cricket Championship 3, World Table Tennis Champions, Chhota Bheem, Carrom Clash, etc.

While Nazara Technologies is all set to launch its IPO in the market finally, it had earlier in 2018 applied for an IPO with SEBI and got approval. But, the company decided not to proceed then.

The Entrepreneur Tab (TET) is an International Global Publication dedicated to sharing News & stories of business-savvy individuals, startup founders, and veteran entrepreneurs. TET also covers news around startups and corporates.

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