IPO done, Nazara Technologies sets sights on listing now

Mumbai: The creator of the world’s most popular mobile cricket game concluded a $80 million (Rs 584 crore) initial public offering on Friday, making the most of a pandemic-induced surge in mobile gaming.

The Nazara Technologies IPO was subscribed 175.5 times when it closed on Friday—receiving bids for 512,517,642 shares against an issue size of 2,920,997 shares. The IPO was an offer for sale of 5.29 million shares — equivalent to 16.7% stake — in a price band of Rs 1,100-1,101 apiece. The IPO is expected to value Nazara at Rs 3,353 crore, which is over eight times its annualised revenue for the first six months of 2020-21.