SEBI Approves Nazara Technologies IPO
Headquartered in Mumbai, Nazara Technologies is a leading mobile games developer focussing on the large mobile consumer base in India and other emerging markets in Asia and elsewhere. On 1st February 2018, the social gaming company filed its papers with SEBI (Securities and Exchange Board of India) to float its IPO (Initial Public Offering) in India.
On 20th April, SEBI had issued its final 'observations' to the company's IPO proposal, as SEBI's nod is required for any IPO, FPO (Follow-on Public Offer) or rights issues. Last year, 46 firms received the go-ahead to offer IPOs, while Nazara becomes the 14th company to get an IPO approval in 2018.
Nazara Technologies is now all set to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The main investors in the company are WestBridge Capital, Rakesh Jhunjhunwala and IIFL Special Opportunities Fund. The IPO will be completely through the sale of shares by existing investors WestBridge as well as promoter company Mitter Infotech, which is valued at around $500 million.
The company is widely known for their most downloaded game called World Cricket Championship (WCC), as well as other games listed in the Android Play Store. They have been picking up stakes in other gaming companies of late, such as NextWave Multimedia, MoongLabs, TrulySocial & Mastermind Sports. Last year, Indian ace investor Rakesh Jhunjhunwala also picked up a minority stake of Rs.180 crore in Nazara Tech.
The company's IPO will be managed by ICICI Securities and Edelweiss Financial Services and the public issue is expected to see the sale of 5,543,052 equity shares taking place. "The listing will also provide a public market for equity shares in India," the company said in a statement.
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