Nazara Technologies IPO subscribed 32%, retail share completely booked on day 1


Geojit Financial Companies and products feels Rakesh Jhunjhunwala-backed Nazara Technologies will obtain pleasure from little competition from domestic avid gamers and stable backing from a like a flash-rising Indian gaming market.

March 17, 2021 / 08: 06 PM IST

The initial public offering of Nazara Technologies, which is backed by marquee investors Rakesh Jhunjhunwala and IIFL, has viewed a subscription 4.01 times on the principle day of bidding. The order shall be open until March 19.

The supply has got bids for 1.17 crore equity shares in opposition to the IPO dimension of 29.20 lakh equity shares, the subscription recordsdata within the market on exchanges showed.

Retail investors hang save in 16.75 times more bids than the share reserved for them. The proportion function apart for non-institutional investors is subscribed 2.85 times and that of workers is booked 2.28 times. The corporate has reserved Rs 2 crore price of shares for its workers.

Qualified institutional shoppers' reserved share changed into subscribed 36 p.c.

Nazara Technologies is planning to retract around Rs 581 crore thru public order, of which it has already garnered Rs 261.31 crore by the utilization of anchor e book. A entire lot of marquee investors, including Goldman Sachs India, Authorities of Singapore, Aberdeen Long-established Asia Focal point, Fidelity Funds, Abu Dhabi Funding Authority, Nomura, Hornbill Orchid India Fund and Steadview Capital Mauritius, invested within the mobile gaming company thru anchor e book route.

Also read - Rakesh Jhunjhunwala-backed Nazara Technologies IPO opens: 10 issues to clutch

It's completely a proposal for sale order by existing shareholders. The associated rate band for the supply has been mounted at Rs 1,100-1,101 per equity share.

Integrated in December 1999, Nazara Technologies is a number one gaming & sports actions media platform with presence in India and world markets equivalent to Africa and North The United States. The corporate offers a unfold of various gaming products sometime of interactive gaming, eSports and gamified early finding out (finding out thru video games for kids inclined between 2-6 years).

Also read - Nazara Technologies IPO opens: Analysts give a thumbs up

"On the upper impress band of Rs 1,101, NTL is equipped at EV/Gross sales of 8.5x in keeping with H1FY21 (annualized numbers) which is on the larger side. However this premium valuation is supported by the high scalability of most up-to-date digital industry," Geojit Financial Companies and products said.

The corporate will furthermore obtain pleasure from little competition from domestic avid gamers and stable backing from a like a flash-rising Indian gaming market, added the brokerage which assigned a 'subscribe' ranking for the order on a handy e-book a rough to medium-time-frame basis.

Also read our in-dwelling compare team's preserve on Nazara IPO

Disclaimer: The views and funding pointers expressed by funding expert on Moneycontrol.com are his hang and no longer that of the web pages or its administration. Moneycontrol.com advises users to study with licensed consultants earlier than taking any funding choices.

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