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Ace investor Rakesh Jhunjhunwala-backed Nazara Technologies Ltd Rs 546.70 crore initial public offering (IPO) will hit the market on March 17. The public offer comprises is a complete offer-for-sale (OFS) worth Rs 546.70 crore by promoters and existing shareholders.
Ahead of the IPO, the shares were quoting at a premium of Rs 655 or close to 59% in the grey market. “A strong fancy may be seen in this counter as it will be the first gaming company to list in India. Such companies cannot be valued traditionally and will get premium valuations. Its shares were traded in the range of Rs 400-800 in the unlisted market (Pre-IPO) last year,” commented grey market tracker Abhay Doshi, Founder, UnlistedArena.com.
Here are key things to know before subscribing to the public issue:
Open and close date: The IPO of Nazara Technologies will open on March 17 and the issue will close on March 19. The subscription for anchor investors if any, will open for bidding for a day on March 16.
Issue size: The gaming company initial public offer of 52,94,392 equity shares is entirely an offer for sale (OFS) by existing shareholders and will have no fresh issue of equity shares.
Price band: The price band for Nazara Technologies IPO has been fixed at Rs 1,100-1,101 per share.
Lot size: Investors can bid for a minimum of 13 equity shares and in multiples, thereafter, translating to a minimum bidding amount of Rs 14,313 at the higher end of the price band. A retail investor can at max apply for 13 lots or 169 shares for 1,86,069.
About the company: Nazara Technologies is a leading India-based diversified gaming and sports media platform with a presence in India and globally. It has offerings across interactive gaming, eSports and gamified early learning ecosystems. The company owns some of the most recognizable IP, including WCC & CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin & Sportskeeda in eSports and eSports media, and Halaplay Technologies Halaplay and Qunami in skill-based, fantasy & trivia games. Nazara was among the first entrants in India, in eSports through Nodwin and cricket simulation through Nextwave.
Financials: In fiscal 2020, revenue stood at Rs 262.14 crore against Rs 186.09 crore a year ago, while net loss stood at Rs 26.61 crore compared to a profit of Rs 6.71 crore a year ago.
What’s in it for retail investors: 75% of the issue will be reserved for Qualified Institutional Buyers (QIB) while 15% is reserved for Non-Institutional Investors and only 10% for retail investors. The offer includes Rs 2 crore worth of shares for the company’s employees. Eligible employees will get shares at a discount of Rs 110 per share.
Book Running Lead Managers and Registrar to the IPO: ICICI Securities, IIFL Securities, Jefferies India and Nomura are the book running lead managers to the issue. While Link Intime India Pvt. Ltd., is the registrar to the issue.