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Nazara Technologies goes public today with INR 583 Crore IPO Gaming

Nazara Technologies Goes Public Today With INR 583 Crore IPO

by Donna Amo Posted on 17 Mar, 2021

Nazara Technologies backed by Rakesh Jhunjhunwala is set to go public with its INR 583 Crore initial public offering (IPO) today. The online gaming company’s issue will run for three days i.e from 17 to 19 March and is reported to be an offer for sale (OFS). Equity shares valued at USD 5.29 million will be offloaded through OFS by a few of the shareholders. However, Rakesh Jhunjhunwala who owns an 11.51 percent stake in the company as of 30 September 2020 is firm over the control of his stake and is not looking for a sale anytime soon, state news reports.

The Indian gaming platform has its presence in places like India, Africa, Middle East, and North America. It offers interactive gaming and gamified early learning platforms like Kiddopia, World Cricket Championship, and Carrom Clash. Around 39 percent of its total revenue comes from its gamified early learning, 32 percent from its esports section, 21 percent from Telco subscription, 5 percent from its freemium mobile games, and around 3 percent from its fantasy, skill-based, and trivia real-money gaming.

ALSO READ: WestBridge Exits Nazara Technologies

The platform’s content caters to its Indian as well as global audience which has given it a wider reach in terms of its user base. With Nazara Technologies recording about 40 million monthly active users in the year 2020, it has become one of the top gaming platforms in the market.

The mobile gaming sector in India has grown from USD 1.0 billion in 2016 to USD 1.2 billion in 2020. This has made it one of the fastest-growing segments when compared to PC and console gaming. With the Indian gaming space still growing, it’s without a doubt that Nazara will be here for the long term and will be among the frontrunners.

For more news and updates, keep reading  GutshotMagazine.com. Follow us on Facebook, Instagram, and Telegram.

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