Rakesh Jhunjhunwala-backed Nazara Technologies IPO opens on March 17
The much-awaited IPO of Rakesh Jhunjhunwala-backed Nazara Technologies will open for subscription next week. Nazara Technologies is a gaming firm. It is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.
Nazara Technologies' IPO will open on March 17. The company has fixed a price band of Rs 1,100-1,101 a share for the issue. The public issue will conclude on March 19. The company has fixed Rs 4 as the face value per equity share.
The company looks to raise Rs 583 crore in the upcoming public issue. An investor can place bids for a minimum of 13 equity shares and multiples thereafter, translating to a minimum investment of Rs 14,313 per investor.
A portion of the issue will also be reserved for the firm's employees who will be eligible for a discount of Rs 110 per equity share. The company has reserved 75% of the issue for Qualified Institutional Buyers (QIB) while 15% for Non-Institutional Investors and only 10% for retail investors.
Nazara Technologies said that bidding for anchor investors will open on March 16.
The initial public offering will entirely be an offer for sale (OFS) by existing shareholders, and will have no fresh issue of equity shares. Those selling shares in the IPO include Mitter Infotech LLP, a promoter of the company, IIFL Special Opportunities Fund, Good Game Investment Trust, IndexArb Securities and Azimuth Investments. Ace investors Rakesh Jhunjhunwala, who owns a 10.82% stake in the company, doesn’t look to sell his stake.
Nazara Technologies' public issue will see sale of 52,94,392 equity shares by the promoters and existing shareholders.
Nazara Technologies GMP
The equity shares of Nazara Technologies are proposed to be listed on BSE and NSE on March 30.
The unlisted share of Nazara Technologies have been commanding a strong premium in the grey market. Its shares were trading at Rs 1,060 apiece even before the price and date of the IPO were announced. Currently, shares of Nazara Technologies are commanding a premium of Rs 620 per share.
