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Riding on the upbeat market sentiment, as many as five companies are set to come out with initial public offers this week to raise an estimated Rs 3,764 crore. The companies are expecting to benefit f
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Rakesh Jhunjhunwala-backed Nazara Technologies IPO set to open on March 17 sets price band at ₹1,100-1,101 per share
Rakesh Jhunjhunwala-backed Nazara Technologies IPO set to open on March 17 sets price band at ₹1,100-1,101 per share
PTIMar 12, 2021, 15:55 IST
BCCL
New Delhi, Mar 12 () Gaming firm
Nazara Technologies on Friday said its initial public offer will open on March 17, with a price band of Rs 1,100-1,101 a share for the issue. The initial public offering (IPO) will conclude on March 19 and the bidding for anchor investors would open on March 16,
Nazara Technologies said in a virtual press conference. The company, backed by ace investor
The price band for the issue has been fixed at Rs 1,100-1,101.
The issue is entirely an offer for sale by existing shareholders who include IIFL Special Opportunities Fund, Mitter Infotech, Good Game Investment Trust, Seedfund 2, Porush Jain and Azimuth Investments. The company will not receive any money from the IPO proceeds and the entire amount will go only to selling shareholders.
Rakesh Jhunjhunwala held 3,294,310 shares, or 11.51 per cent stake, in the company as of September 30, according to the draft red herring prospectus. He is not selling any share through the IPO.
Nazara offers many free-to-play games such as Chhota Bheem, Motu Patlu and Oggy and The Cockroaches. In e-sports, it offers games such as World Cricket Championship 3, World Table Tennis Champions and Carrom Clash. The company generates nearly 40 per cent of its revenues from India, nearly 40-41 per cent from North America and balance from Africa, West Asia and South Africa.
Nazara will come out with its Rs 583 crore IPO on March 17. Ace investor Rakesh Jhunjhunwala, who held 3,294,310 shares, or 11.51 per cent stake, in the company as of September 30, is not selling any share through the IPO.