Nazara Technologies becomes first online gaming company to file IPO
Social gaming and e-sports𝓡 company Nazara Tec♑hnologies Limited has filed a draft red herring prospectus (DRHP) with the capital markets regulator, Securities and Exchange Board of India (SEBI). The filing of the DRHP is a first step towards getting listed on both the major stock exch♊anges, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Nazara’s public issue will see sale of 5,543,052 equity shares by two existing shareholders- investoဣr WestBridge Ventures Investment Holdings will sell around 19.21% stake in the company while promoter company Mitter Infotech will sell around 1.33% equity, according to the DRHP.
Explaining the rational behind the IPO, the company said that listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders. “The listing𓆏 will also provide a public market for equity shares in India,” the company said.
Nazara Technologies’ total revenues for the sixth month period ending 30th September 2017 was Rs. 83.89 crore and its net profit for the same period wad 🔴around Rs. 19.84 crore, .
ICICI Securities and Edelweiss Financial Services are merchant bankers managing the IPO, while law firm Cyril Amarchand Mangaldas is the legal counsel representing the company and WestBridge Capital. AZB & Pꦏartners is the legal advisor to the merchant bankers on the IPO, according to VC Circle.
Notable investors in the company inc🤡lude WestBridge Ventures, Rakesh Jhunjhunwala, and IIFL Special Opportunities Fund.
The company runs popular subscription-based games like chhota bheem, st🦹ar cricket, bike racing, motor racing etc. across Africa, Middle East, South East Asia, Latin America and the ღIndian subcontinent. Besides this, the company has invested an undisclosed amount in real-money fantasy sports provider Hala Play.
Nazara has also invested in game developers like Next Wave Multimedia, NODWIN Gaming and Moonfrog Technologies. The com𓆏pany has also invested in London-based virtual betting company Mastermind Spo🦩rts.
Besides, Nazara has indicated that it would be betting big on setting up an e-sports league in India and would be spending around . The management has also s𒈔tated that it might laun🅘ch real-money online card games like poker and teenpatti in India.
