Nazara Technologies IPO to launch on 17 March; price band fixed at Rs 1,100 to Rs 1,101

Nazara Technologies will open the initial public offer of equity shares of face value of Rs 4 each on 17 March 2021. The offer will close on 19 March 2021. The price band of the offer has been fixed at Rs 1,100 to Rs 1,101 per equity share.

The initial public offer of 52,94,392 equity shares will close on 19 March, while the anchor book, if any, will open for bidding for a day on 16 March.

Ace investor Rakesh Jhunjhunwala held 11.51 per cent stake in Nazara Technologies as of September 2020 end.

ICICI Securities, IIFL Securities, Jefferies India and Nomura Financial Advisory and Securities (India) are the book running lead managers (BRLM) to the issue.

The offer includes Rs 2 crore worth of shares for the company’s employees. Eligible employees will get shares at a discount of Rs 110 per share.

As per the RHP, promoters and promoter groups held 22.97 per cent equity in the company and the rest is held by public. Among public, Mitter Infotech LLP, Arpit Khandelwal and Rakesh Radheshyam Jhunjhunwala are the largest shareholders, owning a 19.56 per cent, 11.32 per cent and 10.82 per cent equity stake respectively, in the company. 

Bids can be made for a minimum of 13 equity shares and in multiples of 13 thereafter, which means that investors can bid for a minimum Rs 14,313 worth of shares in a single lot at the higher price band.

For the financial year 2019-20, Nazara Technologies reported net loss stood at Rs 26.61 crore compared to a profit of Rs 6.71 crore a year ago. Its revenue was at Rs 247.51 crore against Rs 169.70 crore in the same period last year.

Nazara owns IPs, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in esports and esports media, and Halaplay and Qunami in skill-based, fantasy and trivia games. It has undertaken investments and acquisitions in various gaming categories, including esports, edutainment, infotainment, fantasy sports, multiplayer games like carrom and mobile cricket games, among others to strengthen its position in the gaming and sports media space.