Nazara Technologies IPO Opens on Mar 17; Price Band Fixed At INR 1,100-1,101 Per Share
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Mumbai-based mobile gaming company Nazara Technologies on Friday announced its initial public offering (IPO). The issue will open on March 17 and close on March 19.
Equity shares of face value of INR 4 will be on offer at the price brand of INR 1,100 to INR 1,101 per equity share.
The company has stated that the bids can be made for a minimum of 13 equity shares and in multiples of 13 equity shares thereafter.
The offer comprises initial public offering of up to 5,294,392 equity shares of face value of INR 4 each (“Equity Shares”) of Nazara Technologies Limited (“Company” or “Issuer”), through an offer for sale of by the selling shareholders, comprising of up to 1,267,435 equity shares by IIFL Special Opportunities Fund, up to 1,036,286 equity shares by IIFL Special Opportunities Fund - Series 4, up to 873,989 equity shares by IIFL Special Opportunities Fund - Series 5, up to 691,900 equity shares by Mitter Infotech LLP (the “Promoter Selling Shareholder”).
Others such as Good Game Investment Trust will Sell 1,50,000 equity shares; Porush Jain 23,725, Seedfund 2 International 25,000, and Azimuth Investments to sell 14,950. The offer also allows Nazara’s employees to purchase shares worth INR 20 million. The Company, the promoter selling shareholder and the investor selling shareholders in consultation with the BRLMs, may offer a discount of up to 10.00 per cent to the offer price (INR 110 per share) to eligible employees bidding in the Employee Reservation Portion (“Employee Discount”).
Nazara Technologies was started by Nitish Mittersain in 2000 and now is considered one of the leading India based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, esports and gamified early learning ecosystems.
Recently, South Korean gaming platform Krafton, manufacturer of the popular game PUBG, has invested in Nodwin, a subsidiary of Nazara Technologies.