Nazara Tech IPO ends with bumper subscription

Published on Mar 22, 2021 10:46

The initial public offer (IPO) of Nazara Technologies received bids for 51.25 crore shares as against 29.20 lakh shares on offer, according to the stock exchange data. The issue was subscribed 175.46 times.

The non-institutional investors category was subscribed 389.89 times. The qualified institutional buyers (QIBs) category was subscribed 103.77 times. The retail individual investors category was subscribed 75.29 times.

The issue opened for bidding on Wednesday, 17 March 2021, and closed on Friday, 19 March 2021. The price band for the IPO was set at Rs 1100-1101 per share.

The IPO comprised offer for sale of 52.94 lakh equity shares by the promoters and existing shareholders. Since it is purely an offer for sale, the company will not get any proceeds from the issue. The object of the issue to get listing benefits as well as to provide exit option for investing shareholders.

Ahead of the IPO, the company finalised allocation of 23.73 shares to anchor investors at Rs 1101 per share, aggregating to Rs 261.31 crore.

The company reported a consolidated net loss of Rs 5.01 crore and sales of Rs 200.46 crore in the six months ended on 30 September 2020.

Mumbai-based Nazara Technologies, promoted by Vikash Mittersain and Nitish Mittersain, is one of the leading mobile games companies. It is India`s leading diversified gaming and sports media platform with a presence across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, eSports, and gamified early learning ecosystems.