Nazara Technologies IPO subscribed 4 times on first day of subscription

Representative Image

The initial public offer of gaming firm Nazara Technologies Limited was subscribed 4 times on the first day of subscription on Monday.

The issue received bids for 1,17,15,171 shares against 29,20,997 shares on offer, as per an update on the NSE.

The portion for qualified institutional buyers (QIBs) was subscribed 36 per cent, while of non institutional investors 2.85 times and retail individual investors (RIIs) 16.75 times.

The initial public offer (IPO) is of 5,294,392 equity shares and is in a price range of Rs 1,100-1,101 per share.

Nazara Technologies on Tuesday mopped up a little over Rs 261 crore from anchor investors.

The company, backed by ace investor Rakesh Jhunjhunwala, is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.

At the upper end of the price band, the IPO is expected to fetch Rs 583 crore.

Explaining the rational behind the IPO, the company said that listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders.

The listing will also provide a public market for equity shares in India. The equity shares are proposed to be listed on BSE and NSE.

ICICI Securities, IIFL Securities, Jefferies India and Nomura Financial Advisory and Securities (India) are the managers to the offer.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel