Nazara Technologies to list on exchanges tomorrow after good IPO response

Nazara Technologies’s IPO of 5,294,392 equity shares was in a price range of ₹1,100-1,101 per share.

Shares of Nazara Technologies, the Rakesh Jhunjhunwala-backed mobile gaming company, is likely to be listed on the stock exchanges on Tuesday, March 30. Nazara Technologies' initial public offer (IPO), boosted by high demand from institutional investors, was subscribed a whopping 175.46 times on the last day of subscription on March 19. According to subscription data on the exchanges, the ₹583-crore IPO received bids for 51,25,17,642 shares against 29,20,997 shares on offer.

Mobile gaming platform Nazara Technologies Wednesday said it has acquired a majority stake in sports content website Sportskeeda.com (Photo: Twitter)

The portion reserved for qualified institutional buyers (QIBs) was subscribed 103.77 times, that of non-institutional investors 389.89 times and retail individual investors (RIIs) 75.29 times. Nazara Technologies’s IPO of 5,294,392 equity shares was in a price range of ₹1,100-1,101 per share. Nazara Technologies also mopped up a little over ₹261 crore from anchor investors.

The IPO was open for subscription between March 17 and March 19 and the shares were sold in the price band of ₹1,100- ₹1,101 per share. Those who sold their shares in the IPO included Mitter Infotech LLP, a promoter of the company, IIFL Special Opportunities Fund, Good Game Investment Trust, IndexArb Securities and Azimuth Investments. ICICI Securities, IIFL Securities, Jefferies India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited were the managers to the offer.

The company, which is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series, said listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders.