Nazara Tech IPO: Rakesh Jhunjhunwala had 11.51 per cent stake in online gaming company as of September 2020 quarter
Nazara Tech IPO: The IPO of online gaming company Nazara Tech, backed by well-known investor Rakesh Jhunjhunwala, is scheduled to come out on 17 March. The issue will close on March 19. The company’s price band is Rs 1100-1101. According to the upper price band, the company can raise Rs 583 crore. Promoters and shareholders are selling 52.9 lakh equity shares in this IPO.
Rakesh Jhunjhunwala holds an 11.51 per cent stake in Nazara Tech as of September 2020 quarter. The company has a reach in Africa and North America besides India.
Najara Technologies is known for games like World Cricket Championships, Chhota Bheem, Mota Patlu series. Its subsidiary company Nodwin Gaming organizes various gaming events across the country. The company does business in more than 60 countries like India, Africa, Middle East, South East.
Najara was founded in the year 2000 by Nitish Mittersain, who is a well-known gamer. In the last few years the company has built a large network of its own. The company has skill-based fantasy and trivia games such as CarromClash Mobile Gaming, Kiddopia, Halaplay Technologies and Qunami.
To increase penetration in the gaming and sports media space, the company has made several acquisitions in various gaming categories. These include esports, edutainment, infotainment, fantasy sports, and many more. The company has acquired multi-player games such as carrom and cricket from previous years.
What is the valuation of the company
Market experts say that when Nazara Technologies is listed, its stocks will trade at a much higher premium than the trade pundits had anticipated. Brokerage and investment firm Elara Capital estimated that the company would give 30% CAGR to investors. Also, the growth rate of View Technology is likely to remain tremendous in the medium term.
