Nazara Technologies' IPO subscribed 10.55 times on second day of subscription
Nazara Technologies' Rs 583 crore IPO received bids for 3,08,13,731 shares, translating into 10.55 times subscription, as per NSE data.
Gaming firm ' initial public offer was subscribed 10.55 times on Thursday, the second day of subscription.
The Rs 583 crore initial public offer received bids for 3,08,13,731 shares against 29,20,997 shares on offer, translating into 10.55 times subscription, as per NSE data.
The portion for qualified institutional buyers (QIBs) was subscribed 72 percent, non-institutional investors 7.73 times, and retail individual investors (RIIs) 44.47 times.
The initial public offer is of 5,294,392 equity shares and is in a price range of Rs 1,100-1,101 per share.
Nazara Technologies on Tuesday mopped up a little over Rs 261 crore from anchor investors.
The startup — backed by ace investor Rakesh Jhunjhunwala — is popularly known for its games on World Cricket Championship, Chhota Bheem, and Motu Patlu series.
Explaining the rationale behind the IPO, Nazara said that listing the equity shares will enhance its brand name and provide liquidity to the existing shareholders.
The listing will also provide a public market for equity shares in India, which are proposed to be listed on the BSE and NSE.
ICICI Securities Limited, IIFL Securities Limited, Jefferies India Private Limited, and Nomura Financial Advisory and Securities (India) Private Limited are managing the offer.
The initial public offer of gaming firm Nazara Technologies Limited was subscribed four times on the first day of subscription as retail investors latched on to India’s first gaming IPO.
“The gaming industry is set to witness over 30 percent CAGR over 2020-2023 (estimated) on the back of high mobile penetration, increasing internet penetration, and an increasing number of gamers. Nazara has a widespread presence — in terms of geography and product portfolio — which offers strong growth visibility,” said Aditya Birla Capital analysts.
Nazara Technologies has become India’s first pure-play gaming technology company to make its IPO debut on the Indian public markets.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Suman Singh
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