Home / Markets / Ipo /  Rakesh Jhunjhunwala backed Nazara Tech's IPO to open on 17 March

MUMBAI: Ace investor Rakesh Jhunjhunwala-backed Nazara Technologies Ltd's initial public offering will open on 17 March, and the issue price has been fixed at Rs1100-1101 apiece. The offer closes on 19 March.

The IPO comprises an offer for sale of up to 5.29 million equity shares by promoters and shareholders. At the upper end of price band, the IPO will fetch around Rs583 crore.

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Jhunjhunwala held 11.51% stake in the online gaming company as of September end.

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.

"Content is developed in India for the Indian as well as global audience, allowing us to achieve scale, as evidenced by an average of 40.17 million monthly active users (MAUs) for financial year 2020 and an average of 57.54 million MAUs across all games for the nine-month period ended December 2020," it said.

In fiscal 2020, revenue stood at Rs247.51 crore against Rs169.70 crore a year ago, while net loss stood at Rs26.61 crore compared to a profit of Rs6.71 crore a year ago.

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

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