Nazara Technologies raises Rs 100 crore as it gets ready for IPO

CHENNAI: In the run-up to its IPO, gaming enterprise Nazara Technologies has raised Rs 100 crore from Instant Growth Limited (IGL), an investment vehicle of the limited partners of Hornbill Orchid India Fund.

Last month, Plutus Wealth Management and its associates acquired shares worth over Rs 500 crore in Nazara from WestBridge Ventures II Investment Holdings, marking a complete exit for WestBridge.

Nazara also filed a Draft Red Herring Prospectus -an offer document to go public- with SEBI in January this year. According to the DRHP, the public issue is for a sale of 49.65 lakh of equity shares by the promoters and existing shareholders.