Rakesh Jhunjhunwala-backed Nazara Tech's IPO opens today. All you need to know

Through the issue, the company will sell 52,94,392 equity shares by the promoters and existing shareholders.

In a first for an Indian gaming and diversified sports platform, Nazara Technologies will open its initial public offering (IPO) for subscription on Wednesday. The three-day public issue will end on Friday and is likely to be listed on the BSE and NSE on March 30. The IPO is backed by investor Rakesh Jhunjhunwala, who owns 32,94,310 shares which account for 11.51 per cent stake in the company as of September 30, 2021. The company offers services like interactive gaming, e-sports and game-based early learning ecosystems and has an emerging presence in African and North American countries.

The IPO is backed by investor Rakesh Jhunjhunwala, who owns 32,94,310 shares which account for 11.51 per cent stake in the company as of September 30, 2021.

Here’s everything you need to know about Nazara Technology’s IPO:

1. Through the issue, the company will sell 52,94,392 equity shares by the promoters and existing shareholders. Mitter Infotech LLP, which is the promoter of the company will be selling shares in the IPO along with IIFL Special Opportunities Fund, Good Game Investment Trust, IndexArb Securities and Azimuth Investments.

2. The prize band of each share has been fixed at ₹1,100- ₹1,101 and the lot size has been fixed at 13 shares.

3. The company opened bidding for anchor investors on Tuesday.

4. The company has also reserved shares aggregating up to ₹2 crore for purchase for the company's employees in the IPO.

5. According to a statement by the company, it will use the proceeds of the IPO to achieve the benefits of listing equity shares on the stock exchanges and thereby provide liquidity to the existing shareholders of the company.

6. The lead managers of the IPO include ICICI Securities, Nomura Financial Advisory and Securities (India) Private Limited, Jefferies India Private Limited and IIFL Securities.

7. Link Intime India Private Ltd is the registrar of the IPO.

8. Incorporated in 1999, Nazara Technologies Ltd is known for its games on the World Cricket Championship, Chhota Bheem and Motu Patlu series.