NEW DELHI: Nazara Technologies, a mobile gaming company backed by ace investor Rakesh Jhunjhunwala, kick-started its IPO on Wednesday.
The IPO is an offer for share (OFS) of 5.29 million shares being sold in the price band of Rs 1,100-1,101, representing a 16.7 per cent stake in the company. Ahead of its IPO, the company allotted shares worth Rs 261 crore to 43 anchor investors at Rs 1,101 per piece.
At the upper limit of the price band, the issue would garner Rs 582.91 crore from investors.
Nazara Technologies is the only company in India to have rights over IP and assets across grassroots, regional, national and international e-sports. The company has market-first positions in India across sports simulation and e-sports. Its e-sports content business grew 60 per cent in FY20, and has expanded nine times in the last three years.
Rakesh Jhunjhunwala-backed gaming firm Nazara Technologies to file for IPO
Nazara Technologies latest public issue attempt is a complete offer for 49,65,476 equity shares held by promoters and investors
BusinessToday.In | January 18, 2021 | Updated 21:59 IST
Nazara Technologies, known for its cricket and Chota Bheem-themed mobile games, has become India s first game developer firm to file for an initial public offering. Backed by ace investor Rakesh Jhunjhunwala, the firm submitted draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) last week.
Nazara Technologies is looking to make a market debut as lockdown has led to an increase in time people spent on smartphones. According to a recent report by App Annie, time Indians spent on their mobile screens increased 39 per cent to in 2020 to 4.6 hours a day.