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Nazara Technologies IPO to open on Mar 17; sets price band at Rs 1,100-1,101/share

Nazara Technologies IPO to open on Mar 17; sets price band at Rs 1,100-1,101/share
outlookindia.com
1970-01-01T05:30:00+0530
New Delhi, Mar 12 (PTI) 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 Rakesh Jhunjhunwala, is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.

Nazara''s public issue will see sale of 52,94,392 equity shares by the promoters and existing shareholders.

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.

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.

Explaining the rationale behind the IPO, the company said that listing of 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.

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.

In January, WestBridge Ventures II Investment Holdings, a fund managed by WestBridge Capital, exited from Nazara by selling shares worth over Rs 500 crore to Plutus Wealth Management LLP and its associates.

Apart from the latest transaction, WestBridge had sold shares to IIFL Special Opportunities Fund and Rakesh Jhunjhunwala, who had invested Rs 327 crore and Rs 182 crore, respectively, in Nazara during 2017.

The company has undertaken investments and acquisitions in various gaming categories, including esports, edutainment, infotainment, fantasy sports, multiplayer games like carrom and mobile cricket games, among others to strengthen its position in the gaming and sports media space.

Nazara owns IPs, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in esports and esports media, and Halaplay and Qunami in skill-based, fantasy and trivia games.

The company had earlier filed preliminary papers with Sebi in February 2018 and had received approved by the market regulator to float the IPO but the firm did not launch its public issue. PTI SP ANS

ANS


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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