Let’s have a detailed review of the company and analytics of the Nazara Technologies IPO release date, IPO offer price, subscription, Nazara Technologies Limited IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.

Face ValueRs 4
Price BandRs 1100 to 1101
Listing AtBSE, NSE
Min. Order Quantity13 Shares
Listing Date Mar 30, 2021
Offer for SaleRs 582.91  Cr
Fresh IssueRs 582.91 Cr
IPO SizeRs 546.70 Cr
Tick SizeRs 1

Nazara Technologies IPO is listed at [●]% premium, check out the live share price by clicking on the below link.


Summary of Nazara Technologies IPO

Nazara Technologies IPOThe IPO from the Nazara Technologies Limited is the first IPO to be raised by an online gaming company. The company designs and develops games for mobiles and other electronic devices have drafted papers with SEBI to raise an IPO.

The company is the brain behind some of the popular games like Chhota Beam, Motu and Patlu Series and World Cricket Championship.  5,543,052 number of equity shares are to be sold by the company by the existing shareholders of the company.

The equity shares are being sold in order to improve the brand value of the company and to provide liquidity to the equity shares held by the existing shareholders.

The ICICI Securities and Edelweiss Financial Services are proposed to manage the Initial Public Offer of the company. The equity shares of the company will be listed on both the major stock exchanges like BSE and NSE.

West Bridge Ventures Investment Holdings and Mitter Infotech hold the major equity shares that are listed on the draft red herring prospectus.

The Promoters of this company are IKASH MITTERSAIN, NITISH MITTERSAIN AND MITTER INFOTECH LLP. The lead managers to the issue are ICICI Securities Limited and Edelweiss Financial Services Limited, and the Registrar to this issue is Link Intime India Private Limited.

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Nazara Technologies IPO GMP
Allotment of Nazara Technologies IPO

Nazara Technologies IPO Date

The opening and the closing date of IPO of Nazara Technologies Limited is Mar 17, 2021 and Mar 19, 2021.

Nazara Technologies Limited IPO Subscription

Day / DateQIBNIIRIIEmplTotal Subscription
1st Day – Mar 170.36x2.85x16.75x2.28x4.01x
2nd Day – Mar 180.72x7.73x44.47x5.33x10.55x
3rd Day – Mar 19103.77x389.89x75.29x7.55x175.46x
Shares Offered or Net Issue1,582,264791,131 527,42120,1812,920,997

The shares subscribed by the public will be updated here.

Check Nazara Technologies IPO LIVE Subscription

For the Latest Bid details click on the above links.

Nazara Technologies Limited IPO Allotment Status

Here, you can find the Allotment Status of this IPO.

Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment status is not yet disclosed.

Nazara Technologies Limited IPO Listing Date

Find the dates below on basis of allotment, refund, listing and more:

Basis of Allotment FinalizationMar 24, 2021
Refunds InitiationMar 25, 2021
Credit of Shares to Demat AccountMar 26, 2021
Share Listing DateMar 30, 2021

Nazara Technologies IPO Price Band / Cash Price

The face value of each share is Rs 4, but the price band of the IPO is Rs 1100 to 1101. 

Nazara Technologies IPO Equity Size

This Initial Public Issue of [●] Equity Shares of Rs.4 each for cash at a price of Rs 1100 to 1101 per equity share aggregating to Rs.[●] million.

Nazara Technologies IPO Share Offering

Fresh Issue: The Fresh Issue of 5,294,392 Equity Shares by their Company, aggregating to Rs 582.91 Cr,

Issue Size: 5,294,392 Equity Shares of Rs.4 each, aggregating to Rs.582.91 Cr

Offer for Sale: Offer for sale consists of Up to 5,294,392 Equity Shares of face value of Rs.4 each, aggregating Rs 582.91  Cr

Nazara Technologies IPO – Live Performance

The listing date of this IPO is NA. You can check the live performance of the IPO here, only after it is listed on exchanges.

Nazara Technologies IPO Grey Market Premium

The Nazara Technologies IPO Grey Market Premium price is Rs 910-920, the Kostak rate is Rs X and the Subject to Sauda is Rs 9000. 

Nazara Technologies IPO – Company Overview

Nazara Technologies Limited is a gaming company that has more than 60 clients all over the world. The company provides mobile subscription gaming to the mobile phone users.

The mobile gaming company has grown so enormously in the past few years that ace investors like Rakesh Jhunjhunwala have invested in the stocks of this firm. The company aims to provide a public market for the equity shares in India. The company is headquartered in Mumbai, India

Nazara Technologies IPO Business Verticals

Gaming company is involved in the acquisition and the value addition of the games that are present in the gaming world. The independent subsidiaries of the company are Next Wave Multimedia and NODWIN GAMING.

The investee companies are Moonglabs Technologies Private Limited, HalaPlay Technologies Private Limited, Hashcube Inc., and Mastermind Sports Limited. The subscription services of the company are accessed by over 130.43 million monthly visitors from all over the globe.

Nazara Technologies IPO – Financial Statement

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary

Assets (in INR & Millions)
 Sep 20Mar 20Mar 19*Mar 18
Total Assets7,986.557,768.295,145.834,707.59
Total Revenue2,070.062,621.461,860.981,819.40
Total Expense2,135.852,811.501,742.801,333.72
Profit After Tax  (101.07)  (266.15)    67.13  10.23

Earnings per Equity Share

Earning per Equity Share (in INR)
 Sep 20Mar 20Mar 19*Mar 18

Nazara Technologies has seen a massive growth in its last 5 years where the PAT has grown more than 4x & Revenue has grown more than 3x. IPO should get a good exposure in the market as the company is showing very good growth.

Nazara Technologies IPO – Promoters

The Promoters of the Company are

  • Vikash Mittersain
  • Nitish Mittersain
  • Mitter Infotech LLP

List of Related Parties (Key Managerial Personnel)

  • Vikash Mittersain (Chairman & MD)
  • Nitish Mittersain (Joint MD)
  • Kuldeep Jain (Non-Executive Director)

Competitive Strengths of Nazara Technologies Limited

  • Sustained profitability and rapid growth of our operations
  • Scalable and asset light model across business offerings
  • Diversified business across geographies, telecom operators, gamers and gaming content
  • Experienced and dedicated management team

Nazara Technologies IPO Offer Details or Issue Details

Offer of Equity SharesUp to 5,543,052 Equity Shares aggregating up to `[●] million
of which
A) QIB portionAtleast [●] Equity Shares
of which:
(i) Anchor Investor PortionNot more [●] Equity Shares
of which:
Available for allocation to Mutual Funds only[●] Equity Shares
Balance for all QIBs including Mutual Funds[●] Equity Shares
(ii) Balance available for allocation to QIBs other than
Anchor Investors (assuming Anchor Investor Portion is fully subscribed)[●] Equity Shares
of which:
Available for allocation to Mutual Funds only (5% of the QIB Portion excluding the Anchor Investor Portion)[●] Equity Shares
Balance for all QIBs including Mutual Funds[●] Equity Shares
B) Non-Institutional PortionNot more than [●] Equity Shares
C) Retail PortionNot more than [●] Equity Shares
Pre and post Offer Equity Shares
Equity Shares outstanding prior to the Offer26,972,619 Equity Shares
Equity Shares outstanding after the Offer26,972,619 Equity Shares

The company has posted in the draft red herring prospectus that they are going to issue 55.43 lakh shares in the market. They have not given any specific issue size as of now.

Nazara Technologies IPO Issue Object

Here are the Object of the IPO issue:

  • To achieve the benefit of listing equities in the stock exchange
  • Listing of Shares in Stock market will enhance the Brand image of the company

Business strategies of Nazara Technologies Limited

  • Continue organic growth of our Subscription Business
  • Increased focus on scaling operations in the Freemium Business
  • Pursue strategic acquisitions and partnerships
  • Develop intellectual property of our network of games

Nazara Technologies IPO – Basis of Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative Factors

The company believes that their qualitative strengths help them to compete in the highly competitive industry. These are the factors:

  • There is sustained profitable conditions and rapid growth in the operations of the company
  • Their gaming insights that have the monetary capacities in the emerging markets
  • Their business offerings that are scalable
  • The light asset model of the company
  • Diversified business operations across varied geographies, the telecommunication companies, gaming organizations and gaming content
  • Highly experienced and dedicated managers of the team

The relevant quantitative factors are:

Basic & Diluted EPSRONW (%)NAV (Rs.)
31-Mar-20(0.77) , (0.77)(0.46)165.54
31-Mar-196.39 , 6.274.23NA
Mar-181.05 , 1.040.73 NA

Nazara Technologies IPO : Competitive Peers

There are no listed entities in India whose business portfolio is comparable with that of their business.

Nazara Technologies Limited IPO Lead Managers

Lead Managers
ICICI Securities Limited
IIFL Securities Limited*
Jefferies India Private Limited
Nomura Financial Advisory and Securities (India) Private Limited

Nazara Technologies IPO Registrar to the Offer

Registrar of the Offer
Link Intime India Private Limited
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli (West), Mumbai 400 083
Maharashtra, India
Tel: 022 4918 6200
E-mail: nazara.ipo@linkintime.co.in
Investor grievance e-mail: nazara.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Shanti Gopalakrishnan
SEBI Registration No.: INR000004058

Nazara Technologies IPO – Other Details

  • Statutory Auditor – Walker Chandiok & Co LLP
  • Legal Counsel to the Company – M/s. Crawford Bayley & Co.
  • Bankers to the Company –  Kotak Mahindra Bank Limited, HDFC Bank Limited, Deutsche Bank AG, Axis Bank Limited

Nazara Technologies IPO Review by Top Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
Angel Broking7.5/107.4/108.5/108.1/107.1/10
Kotak Securities7.3/107.5/108.4/108.1/107.3/10
ICICI Direct7.3/107.3/108.7/108.1/107.1/10
Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

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