Can you tell me about the proposed IPO of gaming company Nazara Technologies?
Answer
Answer
Nazara Technologies, a company specialized in gaming technology, has filed for IPO with SEBI. The firm is nearly 21 years old and was founded in the year 2000. Interestingly, the firm is backed by Rakesh Jhunjhunwala, a well known equity investors in India. The IPO is special because it is the first gaming company to come out with an IPO.
Nazara is popular for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series. It also hosts multiple gaming events across India and has operations across 60 countries, principally emerging markets. Nazara will use the funds to consolidate its position in the gaming and sports arena. Nazara owns IPOs like WCC and CarromClash
Apart from Rakesh Jhunjhunwala, other prominent investors include Plutus Wealth, IIFL Special Opportunities Fund, Turtle Entertainment etc. Plutus had bought shares worth Rs.500 crore from Westbridge Capital. While the SEBI approval had come in 2018, the company was awaiting an opportunity time for the IPO.
Nazara's public issue will see the sale of 55.43 lakh shares and will be a mix of fresh issue and OFS. The company has annualized revenues of Rs.180 crore. The other details of the IPO are yet to be finalized.