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Home / Markets / Ipo /  Nazara Tech IPO subscribed over 175 times

Mumbai: The 581-crore initial public offering (IPO) of Nazara Technologies, backed by ace investor Rakesh Jhunjhunwala, was subscribed 175.46 times on the final day of bidding, on the back of strong interest shown by investors across categories.

The offer received bids for 512.52 million equity shares against the IPO size of 2.92 million equity shares, data available on exchanges showed.

The retail portion was subscribed 75.29 times and the portion for non-institutional investors saw a subscription of 389.89 times,while the portions for employees and qualified institutional buyers were subscribed 7.55 times and 103.77 times respectively.

“We like Nazara given its leadership in highly under-penetrated mobile gaming, wide product portfolio and strong relationship and network. Nazara is expected to witness strong growth for the next two-three years given its recent acquisitions and first-mover advantage," Motilal Oswal Financial Services said.The price band for the public issue was fixed at 1,100-1,101 per share.

Also on Friday, the IPO of Suryoday Small Finance Bank was subscribed 2.37 times on the last day of bidding, receiving bids for 32.06 million equity shares against the offer size of 13.5 million equity shares, according to data available on exchanges.

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