Nazara Technologies IPO subscribed 4 times on first day of subscription

The initial public offer of gaming firm Nazara Technologies Limited was subscribed 4 times on the first day of subscription on Monday.

The issue received bids for 1,17,15,171 shares against 29,20,997 shares on offer, as per an update on the NSE.

The portion for qualified institutional buyers (QIBs) was subscribed 36 per cent, while of non institutional investors 2.85 times and retail individual investors (RIIs) 16.75 times.

The initial public offer (IPO) 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 company, backed by ace investor Rakesh Jhunjhunwala, is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.

At the upper end of the price band, the IPO is expected to fetch Rs 583 crore.

Explaining the rational 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, IIFL Securities, Jefferies India and Nomura Financial Advisory and Securities (India) are the managers to the offer.