Shares of Nazara Technologies got listed on the stock exchanges on Tuesday, March 30. On the BSE, the shares of the company opened at Rs 1,971, a premium of 79.02 percent compared to the issue price of Rs 1,101. While on the National Stock Exchange (NSE), the shares listed at a premium of 80.74 percent at Rs 1,990. The initial public offering (IPO) of the gaming company backed by ace investor Rakesh Jhunjhunwala opened on March 17 and concluded on March 19.
The company had raised Rs 583 crore via its public offering and the price range fixed for the offering was Rs 1,100 to Rs 1,101 per share. Also, the company had raised Rs 261 crore from anchor investors ahead of the IPO.
As per the information available, the public offering was subscribed over 175.46 times during the three-day subscription process. 75.29 times subscription was made for the retail individual investors (RIIs) category. The portion reserved for qualified institutional buyers (QIBs) was subscribed 103.77 times followed by non-institutional investors with 389.89 times subscription.
The company brought the IPO with an objective to use the proceeds to achieve the benefits of listing Equity Shares on the Stock Exchanges and to enhance the company’s brand name and provide liquidity to the existing shareholders.
The four lead managers of the issue were ICICI Securities, IIFL Securities, Jefferies India and Nomura Financial Advisory and Securities (India) while the registrar of the was Link Intime.
As per the red herring prospectus document of the offer with the Securities and Exchange Board of India (SEBI), Rakesh Jhunjhunwala holds an 11.77 percent stake in the company, as of March 2020. Nazara Technologies had filed preliminary papers with SEBI in February 2018.
Incorporated in the year 1999, Nazara Technologies is the first gaming company to be listed on the stock exchanges. The company is known for its games on the World Cricket Championship, Chhota Bheem and Motu Patlu series.