Rakesh Jhunjhunwala backed Nazara Technologies raised Rs 261.31 Crore

Nazara Technologies plans to open IPO on March 17, 2021. Before the date, the company was fortunate to gather Rs 261.31 Crore from 43 anchor investors.

The mobile game company receives assistance from top investor Rakesh Jhunjhunwala. The exchange got information about the subscription of 23, 73,395 equity shares of price Rs 1,101 per equity share.

The company has the forethought to obtain Rs 583 Crore through a public offer. The bidding for the share of Nazara Technologies starts on March 17, 2021, and ends on March 19, 2021.

The offer has a price band of Rs 1,100-1,101 per share. The domestic shareholders of the company are SBI MF, HDFC Trustee, ICICI Prudential MF, Aditya Birla Sun Life, and more.

Nazara Technologies is a video game publisher and gaming company. It offers gaming products like eSports, gamified learning solutions, interactive gaming, etc.

In 1999 it began its operation and has spread its market within the country and abroad. Rakesh Jhunjhunwala has a plan to maintain the investment in the company and has a stake of 10.8 percent.

The company is one of a kind in the country, therefore, would assist in gaining rewarding in future. Investment in the company would offer short-term and long-term benefits to the investors. The company holds a competitive advantage as it has a successful business model and global presence.

With the increase in smartphone and internet usage in the country the company has a strong possibility to achieve tremendous growth in the market.

Nazara technologies gain 41% of its revenue from India and 12% from North America. ICICI Securities, IIFL Securities, Jefferies India, and Nomura Financial Advisory and Securities India are the primary underwriters of the issuance.

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