Nazara Technologies IPO subscribed over 4 times on Day 1: Reports
The offer has reportedly received bids for 1.17 crore equity shares against the IPO size of 29.20 lakh equity shares
Indian mobile gaming company Nazara Technologies’ Initial Public Offering (IPO) has opened today. The issue saw 4.01 times subscription on the first day of bidding, according to media reports. The offer has reportedly received bids for 1.17 crore equity shares against the IPO size of 29.20 lakh equity shares. The issue will be open till March 19.
The Nazara IPO is entirely an offer-of-sale, with existing shareholders selling shares worth Rs 580 Cr. The price band for the offer has been fixed at Rs 1,100-1,101 per equity share. According to the draft red herring prospectus (DRHP), the IPO includes an offer for sale of up to 691,900 equity shares by promoters, 3,933,947 equity shares by investors and 339,629 equity shares by others, a total of 5.29 Mn equity shares. Bids can be made for a minimum of 13 equity shares and in multiples of 13 equity shares thereafter.
The selling shareholders include IIFL Special Opportunities Fund which plans to sell up to 1,267,435 equity shares followed by up to 1,036,286 equity shares by IIFL Special Opportunities Fund - Series 4, up to 873,989 equity shares by IIFL Special Opportunities Fund - Series 5, up to 816,804 equity shares by IIFL Special Opportunities Fund - Series 2, up to 691,900 equity shares by Mitter Infotech LLP, and up to 393,349 equity shares by IIFL Special Opportunities Fund - Series 3.
Furthermore, Good Game Investment Trust plans to sell 150,000 shares followed by up to 25,000 equity shares by Seedfund 2 International, up to 23,725 equity shares by Porush Jain, up to 14,959 equity shares by Azimuth Investments Limited and up to 945 equity shares by Seedfund 2 India (Good Game Investment Trust, Seedfund 2 International, Porush Jain, Azimuth Investments Limited and Seedfund 2 India together, referred to as the “Other Selling Shareholders, and together with the Promoter Selling Shareholder and the Investor Selling Shareholders.
The company’s shares are listed both on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The offer will close on March 19.
