Nazara Technologies IPO kicks off today: Should you subscribe?
New Delhi: Gaming firm Nazara Technologies’ Rs 583-crore public issue will see sale of 52,94,392 equity shares by the promoters and existing shareholders. The company, backed by ace investor Rakesh Jhunjhunwala, is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.
The company on Tuesday said it has mopped up a little over Rs 261 crore from from anchor investors ahead of its initial public offer, which opens for subscription on Wednesday.
The company’s initial public offer (IPO) committee has decided to allocate 23,73,395 shares to 43 anchor investors at Rs 1,101 per piece. At this price, the firm has raised Rs 261.31 crore, Nazara Technologies informed BSE.
Here is all you need to know about Nazara Technologies IPO
- The company’s IPO will be open for subscription during March 17-19 with a price band of Rs 1,100-1,101 a share for the issue.
- Those selling shares in the IPO include Mitter Infotech LLP, a promoter of the company, IIFL Special Opportunities Fund, Good Game Investment Trust, IndexArb Securities and Azimuth Investments.
- Among the anchor investors are Government of Singapore, Abu Dhabi Investment Authority, Goldman Sachs India Ltd, Noumura Funds Ireland Public Limited Company, Steadview Capital Mauritius Ltd.
- In addition, SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Axis MF, Sundaram MF, Kotal MF and Aditya Birla Sunlife MF too participated in the anchor book bidding.
- The offer includes a reservation aggregating up to Rs 2 crore for purchase by the company’s employees.
- At the upper end of the price band, the IPO is expected to fetch Rs 583 crore.
- The equity shares are proposed to be listed on BSE and NSE.
- ICICI Securities, Nomura Financial Advisory and Securities (India) Private Limited, Jefferies India Private Limited and IIFL Securities have been appointed as the merchant bankers to manage the company’s initial public offer.
This week as many as five companies have come out with initial public offers to raise an estimated Rs 3,764 crore.
Craftsman Automation and Laxmi Organics Industries have launched their initial share-sale programmes on Monday while that of Kalyan Jewellers India will opened on Tuesday. IPOs of Suryoday Small Finance Bank and Nazara Technologies began on Wednesday, information with the exchanges showed. Shares of these companies will be listed on BSE and NSE.