Indian gaming giant Nazara Technologies went public with its INR 583 Crore initial public offering (IPO). This IPO reportedly became the second most subscribed issue in 2021. The offering by Nazara beat the one by Easy Trip Planners. Nazara’s IPO was subscribed 175 times by 5 pm on 19 March.
Nazara Technologies is the country’s first gaming company to be listed on the stock exchange with the share price at INR 1,100 – INR 1,101 per share. The IPO was subscribed 10.55 times on the second day of the issue. This gaming company is backed by ace stock market pro Rakesh Jhunjhunwala, who did not take the sale route with respect to his stake in Nazara.
Institutional investors: 103.77 times.
Non-institutional Investors: 389.89 times.
Retail investors: 75.29 times.
Employee: 7.55 times.
The issue received bids for 92.88 crores shares in comparison to the 52.94 lakh shares for the reported price of INR 1,100-1,101 per share. Nazara Technologies is a gaming platform that offers interactive games including esports. The brand provides gaming ecosystems such as Carrom Clash, World Cricket Championship (WCC) among others in mobile games. Nazara also has Nodwin Gaming and Sportskeeda in its kitty.
According to statistics, India is estimated to touch USD 1.2 million in gaming market size with 365 million gamers in the country. Gaming rules 80% of the market and by 2023 gaming is expected to dominate 90% of the industry.