InvestorQ : What is your take on the IPO of Nazara Technologies considering it is backed by Rakesh Jhunhunwala, the big bull?
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What is your take on the IPO of Nazara Technologies considering it is backed by Rakesh Jhunhunwala, the big bull?

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Rashi Mehra answered.
9 months ago
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Nazara Technologies, backed by the Big Bull Rakesh Jhunjhunwala, will open its maiden public offer for subscription on March 17 and the issue will remain open till 19 March. The price band has been fixed in the range of Rs.1,100 - 1,101 per share. The total IPO offer will be to the tune of 52,94,392 equity shares. The anchor book is expected to open and also close on March 16.

The Nazara IPO is entirely an offer for sale or OFS by the existing selling shareholders. These selling shareholders include IIFL Special Opportunities Funds and also by Mitter Infotech LLP. Different fund series of IIFL Special Opportunities Funds are the biggest participants looking to hive off their stake in the OFS. Other sellers include Good Game Investment Trust, Seed Fund 2 International, Porush Jain and Azimuth Investments. No fresh funds will come into the company.

As per details disclosed in the red herring prospectus, the promoter groups hold 22.97% stake in the equity of the company and the rest is held by the public. Major investors like Mitter Infotech LLP, Arpit Khandelwal and Rakesh Jhunjhunwala hold nearly 42% between them. Bids can be made with a minimum lot size consisting of 13 equity shares with a minimum bid worth of Rs.14,313. Maximum bid for retail will be 13 lots.

Nazara Technologies has a presence in India, Africa and North America and it is a leading India-based diversified gaming and sports media platform. Some of its popular games include World Cricket Championship and Carrom Clash in mobile games, Nodwin and Sportskeeda in eSports and Halaplay and Qunami in skill-based, fantasy games. BRLMs include marquee names like ICICI Securities, IIFL Securities, Jefferies India and Nomura.

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