Nazara Technologies IPO subscribed 3.35 times on opening day; retail category oversubscribed 13.79 times

The initial public offer (IPO) of Nazara Technologies was subscribed 3.35 times on the opening day of the subscription with the retail investor's category being subscribed nearly 14 times on Wednesday.

The Rs 583 crore worth Nazara Technologies IPO opened today (17 March) and will close on Friday (19 March).

According to a report by Times Now, the qualified institutional buyers subscribed 0.36 times to their reserved portion. The bidding by retail investors was 13.79 more than the reserved portion while that of non-institutional investors has been subscribed 2.43 times.

The Nazara Technologies IPO had received overall bids for 90,69,580 lakh equity shares, while the employees’ portion of the issue was booked 0.14 times till 3.25 pm.

The offer for sale (OFS) is for 52,94,392 equity shares, including an anchor portion of 23,73,395 equity Shares.

Established in 1999, the mobile gaming company, known for its games like Chhota Bheem, Motu Patlu and World Cricket Championship, is based in India. The price band of the company’s IPO is Rs 1,100-Rs 1,101 per share with a lot size of 13 and its multiples.

The funds generated from the issue are going to provide liquidity to its existing shareholders while also promoting the brand name.

Registrar of the Nazara Technologies IPO is Link Intime India Private Ltd. Nazara Technologies’ equity shares are likely to be listed on Bombay Stock Exchange and the National Stock Exchange by 30 March.

Jefferies India Private Limited, IIFL Securities, Nomura Financial Advisory and Securities (India) Private Limited and ICICI Securities are the lead managers of this issue.

Before the IPO was launched, the company gained Rs 261.31 crore from its anchor investors after allotting 23,73,395 shares at the price of Rs 1,101 per share.