In a boost to India’s gaming sector, gaming and sports media platform Nazara Technologies made a stellar debut on the NSE and BSE, with the company’s shares being listed at 81 percent premium over the issue price.
With this listing, key investor Rakesh Jhunjhunwala, who had invested Rs 180 crore in the platform in 2008, had his stakeholding’s value nearly quadrupled to Rs 656 crore.
The gaming firm had created quite a buzz ahead of the IPO, mopping Rs 261 crore from anchor investors ahead of its initial public offer. Floated between March 17-19, 2021, the IPO was subscribed 175.46x times as Nazara is the only company in India to have rights over IP and eSports assets.
Popularly known for its games on World Cricket Championship, Chhota Bheem, and Motu Patlu series, the gaming firm’s success and its investments worth more than Rs 300 crore in the ecosystem signals even better days ahead for India’s gaming industry — which saw a massive boom during and after the lockdown.
The gaming sector in India attracted $544 million in investments during the August 2020-January 2021 period. This is set to double over the next 12-18 months.
Earlier this month, homegrown VC firm IvyCap Ventures made a historic 22X return on investments after making a partial exit from Purplle. Founder and Managing Director Vikram Gupta shares what this means for domestic capital in India, his views on the beauty ecommerce space, and the sectors they are currently looking to invest in.
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News & Updates
- Gaming and sports media platform Nazara Technologies debuted on NSE and BSE, with the company's shares listing at 81 percent premium over the issue price. With this listing, investor Rakesh Jhunjhunwala's stakeholding went up to Rs 656 crore at the listing.
- The deadline for linking Aadhaar to your PAN (Permanent Account Number) is now March 31, 2021. According to the government, defaulters may have to pay a fine of up to Rs 1,000 as per Section 272B of the Income Tax Act.
- Biocon Pharma, a unit of biotechnology major Biocon, has joined hands with Libbs Farmaceutica to introduce generic formulations in Brazil. The partnership marks the entry of Biocon's generic formulations into Latin America.
- PayPal Holdings Inc announced that it has started allowing consumers in the US to use their cryptocurrency holdings to pay online merchants globally with its new feature “Checkout with Crypto”.
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