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Nazara Technologies to open its IPO on March 17 at a price range of Rs 1,101/share

Rakesh Jhunjhunwala-backed gaming firm aims to raise Rs 583 crore via its public issue of shares

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Nazara Technologies, the gaming giant, will open its Initial Public Offer (IPO) on Wednesday, March 17 and will close its bidding on March 19, 2021. Ace Investor Rakesh Jhunjhunwala-backed gaming firm aims to raise Rs 583 crore via its public issue of shares.

The price band for the offer is fixed at Rs 1,100-1,101 per equity share with a face value of Rs four each and bids can be made for a minimum of 13 equity shares. 

Listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders. Besides, it will also provide a public market for equity shares in India, said Nitish Mittersain - Joint Managing Director at Nazara Technologies.

A total of 5,294,392 equity shares will be available for sale in the offer. However, the firm will not be benefited with the net proceeds from the issue as the entire amount will be given to the shareholders as the issue is completely an offer-for-sale by the existing shareholders of the company.

The existing shareholders of the company include - IIFL Special Opportunities Fund, Good Game Investment Trust, Mitter Infotech, Seedfund 2, Porush Jain and Azimuth Investments.

Rakesh Jhunjhunwala held a 11.51 per cent stake in Nazara Technologies, as of September 2020. However, the ace investor is not involved in selling his shares via the offer.

Jefferies India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer, the company said in a release.

Nazara Technologies is a gaming major and a leading sports media platform with its presence in the country and also across various other countries such as Africa and North America. The company is known for its popular games such as World Cricket Championship (WCC), Chotta Bheem, Motu Patlu series and Carromclash. In the eSports section, Nodwin and Sportskeeda are the company's top products.

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