Nazara Tech IPO subscribed 4.01 times

The issue received bids for 1.17 crore shares as against 29.20 lakh shares on offer.

The initial public offer (IPO) of Nazara Technologies received bids for 1.17 crore shares as against 29.20 lakh shares on offer, according to the stock exchange data at 17:00 IST on Wednesday (17 March 2021). The issue was subscribed 4.01 times.

The issue opened for bidding on Wednesday, 17 March 2021, and it will close on Friday, 19 March 2021. The price band for the IPO is set at Rs 1100-1101 per share. An investor can bid for a minimum of 13 shares in multiples thereof.

The IPO comprises 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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