As per news source, Mumbai based mobile gaming company, Nazara Technologies is mulling to hit the primary market soon. The company has informed its shareholders about its IPO plan in a letter earlier this month. The company is backed by Rakesh Jhunjhunwala.
“This is to intimate you that the board of directors of Nazara Technologies, at its meeting held on September 16, 2020 approved the proposal to undertake an initial public offering of the equity shares of Rs 4 each of the company through the book building process and list the shares on one or more recognised stock exchanges in India,” says the letter.
The issue may comprise fresh shares and offer for sale of equity shares from existing shareholders. The company will soon file the draft red herring prospectus (DRHP) with markets regulator Sebi.
The size of the issue is not yet decided but as per traders The estimated IPO price will be around Rs 950.
Nazara has a diversified business model comprising subscription business, Freemium business and Esports business across emerging markets such as India, West Asia, Africa, Southeast Asia and Latin America.
In the last six months, the shares of Nazara Technologies have almost doubled in the unlisted market. The unlisted shares traded at around Rs 750-800 this week against their April price of Rs 400-450.
Besides Jhunjhunwala, Westbridge Ventures, Turtle Entertainment, IIFL Special Opportunity Fund and Emerging Investments are other key shareholders of the company.
