Rakesh Jhunjhunwala-backed Nazara Technologies debuts at Rs 1,990 per share at a premium of 80.74%
The mobile company listed its shares at Rs 1,990 on National Stock Exchange over the issue price of Rs 1,101.
Shares of Nazara Technologies opened at an 80.74 percent premium on Tuesday, 30 March. The mobile company backed by Rakesh Jhunjhunwala listed its shares at Rs 1,990 on National Stock Exchange over the issue price of Rs 1,101.
On BSE, it listed at Rs 1,971 a 79.02 percent markup.
As per Moneycontrol, the IPO was subscribed 175.46 times, which is the third biggest for an IPO, having an issue size of over Rs 200 crore.
Through an offer for sale, Nazara Technologies raised Rs 583 crore between 17 to 19 March from the public issue.
At 10:02 am, the stock was trading at Rs 1,913.30 on NSE and Rs 1,917.75 on BSE. On NSE, its volume was 18.09 lakh equity shares with an increase of 73.8 per cent. The stock was trading with 74.18 percent increase at the BSE with a volume of 1.53 lakh equity shares.
HNIs placed bids for 390 times their quota limit. Qualified institutional bidders subscribed the issue 104 times while retail investors subscribed to it 75 times.
According to The Economic Times, Rakesh Jhunjhunwala holds 10.82 percent stake in the company which is worth Rs 656 crore. In 2008, Rakesh had invested Rs 180 crore in Nazara Technologies.
The analysts had expected a 50-67 percent listing premium, reported Moneycontrol.
The company is a leading sports and gaming media platform which offers interactive gaming. In FY20, the eSports content business for Nazara increased by 60 percent.
A mobile game developer will distribute and market games around Indian cricketer Virat Kohli for the next three years.
Nazara Technologies IPO: Share allocation likely to be finalised on 24 March; steps to check allotment status
The Rs 583-crore public issue opened on 17 March and closed on 19 March with a subscription of 175.46 times
Nazara Technologies IPO subscribed 3.35 times on opening day; retail category oversubscribed 13.79 times
The price band of the company’s IPO is Rs 1,100-Rs 1,101 per share with a lot size of 13 and its multiples.