Gaming company Nazara expects to fetch Rs 580 cr with IPO opening March 17

Promoters and shareholders offering 5.29 million equity shares; step won't raise money for company backed by billionaire Rakesh Jhunjhunwala.

Nazara Technologies, the homegrown gaming company backed by billionaire Rakesh Jhunjhunwala, will open its initial public offering (IPO) on March 17, with the issue price fixed at Rs 1,100-1,101 a share. The offer closes March 19.

The IPO is an offer for sale (OFS) of 5.29 million equity shares by promoters and shareholders. The price band’s upper end will fetch around Rs 583 crore. 

Since it is a complete OFS by existing selling shareholders, the company will not raise any money from the IPO. “Our company currently has Rs 300 crore of cash reserve and is able to grow on