Nazara Applied sciences, agency backed by massive bull Rakesh Jhunjhunwala is all set to turn into first Indian gaming expertise firm to hunt a market debut. Mumbai-based cell gaming firm stated on Friday that its preliminary public provide(IPO) can have a a value band of ₹1,100-1,101 a share for the difficulty. The problem will open on 17 March and conclude on 19 March. The bidding for anchor buyers would open on 16 March, the corporate stated.
Nazara’s public concern will see sale of 52,94,392 fairness shares by the promoters and present shareholders. These promoting shares within the IPO embody Mitter Infotech LLP, a promoter of the corporate, IIFL Particular Alternatives Fund, Good Recreation Funding Belief, IndexArb Securities and Azimuth Investments.
The provide features a reservation aggregating as much as ₹2 crore for buy by the corporate’s workers. On the higher finish of the value band, the IPO is anticipated to fetch ₹583 crore.
ICICI Securities, Nomura Monetary Advisory and Securities (India) Non-public Restricted, Jefferies India Non-public Restricted and IIFL Securities had been appointed because the service provider bankers to handle the corporate’s preliminary public provide.
The itemizing can even present a public marketplace for fairness shares in India. The fairness shares are proposed to be listed on BSE and NSE.
Earlier this 12 months, Plutus Wealth Administration and its associates acquired shares price over ₹500 crore in Nazara from WestBridge Ventures II Funding Holdings, marking a whole exit for WestBridge Ventures II Funding Holdings.
Based by gamer Nitish Mittersain in 2000, Nazara is among the largest interactive gaming and sports activities media firms in India. The corporate is understood for its video games on World Cricket Championship and Chhota Bheem and Motu Patlu collection. Its subsidiary Nodwin Gaming hosts a number of gaming occasions throughout the nation. It has operations in over 60 international locations throughout rising markets together with India, Africa, the Center East, South East Asia and Latin America. Nazara has invested over ₹300 crore within the final 5 years within the Indian gaming ecosystem.
The corporate owns a few of the most recognisable IP, together with WCC and CarromClash in cell video games, Kiddopia in gamified early studying, NODWIN and Sportskeeda in esports and esports media, and Halaplay and Qunami in skill-based, fantasy and trivia video games. Nazara can also be the one firm in India to have rights over IP and property throughout grassroot, regional, nationwide and worldwide esports, it stated.