Rakesh Jhunjhunwala-backed gaming firm Nazara Technologies to file for IPO
Nazara Technologies latest public issue attempt is a complete offer for 49,65,476 equity shares held by promoters and investors
BusinessToday.In | January 18, 2021 | Updated 21:59 IST
Nazara Technologies, known for its cricket and Chota Bheem-themed mobile games, has become India s first game developer firm to file for an initial public offering. Backed by ace investor Rakesh Jhunjhunwala, the firm submitted draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) last week.
Nazara Technologies is looking to make a market debut as lockdown has led to an increase in time people spent on smartphones. According to a recent report by App Annie, time Indians spent on their mobile screens increased 39 per cent to in 2020 to 4.6 hours a day.