Rakesh Jhunjhunwala backed Nazara Technologies open its IPO: Report

Nazara Technologies IPO

Rakesh Jhunjhunwala backed Nazara Technologies trying to raise Rs. 583 Cr. will open it's IPO or Initial Public Offer today. As Jhunjhunwala owns the 11.51% stake as 32,94,310 shares in the company as on Sept. 30,2021. 

The company already getting the overwhelming response from the anchor investors. As company raised Rs 261.37 crore by allotting 23.73 lakh shares to 43 anchor investors at Rs 1,101 apiece. Many global leader investors Such as Government of Singapore, Goldman Sachs India, Fidelity Funds, Nomura, Abu Dhabi Investment Authority, Aberdeen Standard Asia Focus, Steadview Capital Mauritius, Eastspring Investments, Hornbill Orchid India Fund and Cohesion MK Best are speculating on the company's IPO.

Gaming industry expected to see double-digit growth, going a head. The company has the strong geographical presence in the gaming industry and with the strong product portfolio experts expected to see steady growth in margin  and returns. 

The global gaming industry alone stood at $157.5 billion and grown at a CAGR of 11 percent to $1.5 billion during year 2017-2020. Moreover, Indian gaming industry expand at a CAGR of 29 percent to $1.5 billion over the same duration. 

Nazara invested over 300 Cr. during the previous 5 years in the Indian gaming ecosystem. However, Nazara has acquired a majority stake in Nodwin Gaming Pvt. Ltd (57.05%); Next Wave Multimedia Pvt. Ltd. (52.38%), which operates World Cricket Championship (WCC), the largest mobile-based cricket simulation game, in addition to investment in Absolute Sports Private Limited, which operates Sportskeeda (63.90%) and Paper Boat Apps Private Limited (50.91%) - gamified early learning subscription app.

Also Nazara recently raised the sum of Rs.100 Cr. to diversify its gaming media portfolio as Dailymint reported it earlier.

Key points to be noted:

  • IPO opens on March 17,2021
  • IPO closes on March 19,2021
  • Face Value Rs. 4
  • Issue size 583 Cr. 
  • Minimum bid size 13 Shares 
  • Listing on BSE and NSE
  • Shares on offer 52.94 lakh