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Business News/ Markets / Ipo/  Rakesh Jhunjunwala backed gaming company Nazara Technologies' IPO subscribed 175 times

Rakesh Jhunjunwala backed gaming company Nazara Technologies' IPO subscribed 175 times

  • The offer received bids for 512.52 million equity shares against the IPO size of 2.92 million equity shares, the subscription data available on exchanges showed
  • The company enjoys leadership in eSports with an 80 percent market share and cricket simulation games

Gaming firm Nazara Technologies in the IPO is offering shares in the price band of 1,100-1,101

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, the subscription 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 said.

The price band for the public issue was been fixed at 1,100-1,101 per share.

"The issue is valued at 5.5 times FY21 prive to book value and 7.6 times FY21 enterprise value to sales on an annualized and post issue basis. The issue is first of its kind listing and has no peer comparison in India," said Motilal Oswal.

The company enjoys leadership in eSports with an 80 percent market share and cricket simulation games.

Also on Friday, the initial public offering (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 1.35 crore equity shares,according to the data available on exchanges.

Qualified institutional portion was subscribed 2.18 times, while non-institutional investors saw 1.31 times subscription, retail investors has been subscribed 3.09 times and that of employees 34%.

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