‘WCC’ IP owner Nazara Technologies becomes the first Indian gaming firm to file IPO

Nazara Technologies backed by billionaire Rakesh Jhunjhunwala, became the first Indian gaming technology company to seek a market debut as mobile entertainment takes off across the world’s number two smartphone arena.

It had also filed DRHP in February 2018, which received approval from the Sebi in April 2018, but could not launch the issue.

The public issue is a complete offer for sale of 49,65,476 equity shares by promoters and investors.Nazara holds the license mobile gaming rights of popular cartoon characters like Motu Patlu and Shikari Shambhu. It has also established itself in 64 countries across Africa, Middle East, South East Asia, and the Indian subcontinent.

Founded by gamer Nitish Mittersain in 2000, Nazara is one of the interactive gaming and sports media companies in India. Its subsidiary Nodwin Gaming hosts multiple gaming events across the country. The company owns IPs, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, and Halaplay and Qunami in skill-based, fantasy and trivia games.

Besides Jhujhunwala, Plutus Wealth Management, IIFL Special Opportunities Fund, Turtle Entertainment are other key investors. Earlier this month, Plutus Wealth Management LLP and its associates acquired shares worth over Rs. 500 crore of the company from WestBridge.