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Nazara Technologies IPO Subscribed 30.88 Times On Final Day Gaming

Nazara Technologies IPO Subscribed 30.88 Times On Final Day

by Donna Amo Posted on 19 Mar, 2021

The ongoing initial public offering (IPO) of Nazara Technologies Limited could change the game for the Indian gaming market which is currently valued at USD 1.5 billion. The market is estimated to reach USD 3.5 billion by the year 2023. Deeper smartphone penetration in the country along with low data costs, faster 4G networks, and the coronavirus lockdowns are all factors for this growth.

Just recently, Nazara Technologies went public with an INR 583 Crore IPO and is also backed by Rakesh Jhunjhunwala. The company’s issue was set to run for three days between 17 – 19 March. Nazara’s IPO is among the first made by an Indian gaming brand. On the first day, the issue was subscribed three times over. This is a clear indication of the growing interest of investors in the gaming landscape of India. By the noon of 19 March, Nazara IPO was reportedly subscribed 30.88 times. As per news reports, the firm received bids for 9.01 crore equity shares for its 29.20 lakh equity shares.

ALSO READ: Nazara Goes Public With INR 583 Crore IPO

Nazara Technologies is a gaming platform that offers interactive gaming and esports verticals. It also provides gamified early learning ecosystems like Kiddopia and Carrom Clash and World Cricket Championship (WCC) in mobile games. Nazara also has esports taken care by NODWIN Gaming and the popular website Sportskeeda in its kitty. Under skill-based, fantasy, and trivia games it owns HalaPlay and Qunami respectively.

The company’s target is to raise around INR 581 Crore through their public issue. Currently, the listing is doing well and its success will allow other companies like Dream11, Paytm First Games, Games24x7, Mobile Premier League (MPL), Gametion Technologies, and JioGames to look at the IPO route as an option to raise funds.

India is estimated to touch USD 1.2 billion in gaming market size with 365 million mobile gamers in the country. This market could soon be worth USD 3 billion in another two years. As of now mobile gaming rules 80% of the market and is expected to dominate 90% of it by 2023.

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