Nazara Tech IPO soars on debut

Shares of Nazara Technologies were trading at Rs 1783.70 at 10:13 IST on the BSE, a premium of 62.01% over the initial public offer (IPO) price of Rs 1101.

The stock was listed at Rs 1971, a premium of 79.02% to the IPO price. So far the stock hit a high of Rs 2026.90 and low of Rs 1729.10. On the BSE, 2.82 lakh shares were traded on the counter so far.

The IPO of Nazara Technologies was subscribed 175.46 times. The non-institutional investors category was subscribed 389.89 times. The qualified institutional buyers (QIBs) category was subscribed 103.77 times. The retail individual investors category was subscribed 75.29 times.

The issue opened for bidding on 17 March 2021, and closed on 19 March 2021. The price band for the IPO was set at Rs 1100-1101 per share.

The IPO comprised offer for sale of 52.94 lakh equity shares by the promoters and existing shareholders. Since it is purely an offer for sale, the company will not get any proceeds from the issue. The object of the issue to get listing benefits as well as to provide exit option for investing shareholders.

Ahead of the IPO, the company finalised allocation of 23.73 shares to anchor investors at Rs 1101 per share, aggregating to Rs 261.31 crore.

The company reported a consolidated net loss of Rs 5.01 crore and sales of Rs 200.46 crore in the six months ended on 30 September 2020.

Mumbai-based Nazara Technologies, promoted by Vikash Mittersain and Nitish Mittersain, is one of the leading mobile games companies. It is India's leading diversified gaming and sports media platform with a presence across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, eSports, and gamified early learning ecosystems.

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