Nazara Tech IPO: Retail portion subscribed 2.4 so far on Day 1

Nazara Tech

Mumbai: The retail portion of Nazara Technologies Ltd’s initial public offering (IPO) was subscribed nearly 2.4 times within few hours of opening. Overall the issue got oversubscribed nearly seven times.

The IPO received 6.96 million bids against the issue size of 2.92 million shares, according to stock exchange data. Retail investors placed 3.02 million bids against the 0.53 million shares on offer, while the portion reserved for non-institutional investors was subscribed 0.22 times. Qualified institutional bidders got 0.26 times subscription

The issue price has been fixed at ?1100-1101 apiece and offer closes on 19 March. Earlier, the firm raised ?262 crore from 24 anchor investors.

The company has presence in India and across emerging and developed global markets such as Africa and North America, offering interactive gaming, eSports and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning.

In fiscal 2020, revenue stood at ?247.51 crore against ?169.70 crore a year ago, while net loss stood at ?26.61 crore compared to a profit of ?6.71 crore a year ago.

ICICI Securities, IIFL Securities, Jefferies India and Noumura are the book running lead managers to the issue.

News Source:- Livemint

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