Nazara Technologies IPO To Open From March 17

Nazara Technologies IPO, backed by business magnate Rakesh Jhunjhunwala, is set to open from March 17 as the promoters and existing investors of the company are offering 5.29 million shares, or 16.7% stake, through an offer for sale (OFS). The price band fixed for the IPO stands at INR 1,100 to INR 1,101 per equity share and it goes live on Wednesday!

Nazara Technologies has set that one buyer will have to go for a minimum of 13 equity shares in this IPO and thereafter, anything in the multiples of 13. It goes live tomorrow and will only be available for 2 days (March 19th). With the value being fixed at 1,100, investors will have to bid for a minimum Rs 14,300 worth of shares and an integer multiple of that in subsequent buy outs. 

Also Check: Investments Worth $544M In India’s Gaming Sector

While the offering has made the cost of the organization going up, IIFL is in part leaving from the set-up, selling 14% stake out of its general holding of more than 21%. The promoters, from their total 22.5% stake, will offload 2.25% stake while holding 20% in the organization henceforth. The promoters’ stake has been locked for a very long time.

Nazara Technologies, which is the first pure play gaming organization to enlist for an IPO in India, incorporates a reservation up to Rs 20 million in total for qualified workers who can get it at a rebate of up to 10% of the offer cost. Qualified Institutional Buyers have a reservation of 75% of the IPO issue while Non-Institutional Investors have been offered 15%. Retail investors have been offered 10% in the current issue. This can potentially be a milestone for gaming organizations in the country if Nazara Technologies’ shares shoot upwards! 

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Nazara Technologies IPO To Open From March 17

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