Rakesh Jhunjhunwala-backed Nazara Technologies becomes first Indian gaming firm to file IPO

Nazara Applied sciences, agency backed by large bull Rakesh Jhunjhunwala, grew to become the primary Indian gaming expertise firm to hunt a market debut. Mumbai-based cell gaming firm filed preliminary public providing paperwork with the market regulators on Friday.

Based by gamer Nitish Mittersain in 2000, Nazara is among the largest interactive gaming and sports activities media firms in India. The corporate is understood for its video games on World Cricket Championship and Chhota Bheem and Motu Patlu sequence. Its subsidiary Nodwin Gaming hosts a number of gaming occasions throughout the nation. It has operations in over 60 nations throughout rising markets together with India, Africa, the Center East, South East Asia and Latin America.

The corporate’s platform hosts a number of content material classes comprising subscription enterprise, Freemium enterprise and Esports enterprise. Due to international growth in smartphone gaming, Nazara has constructed a powerful community of thousands and thousands of subscribers in the previous couple of years.

To strengthen its place within the gaming and sports activities media area, Nazara undertook investments and acquisitions in numerous gaming classes, together with Esports, edutainment, infotainment, fantasy sports activities, multiplayer video games like carrom and cell cricket video games over time.

The corporate owns IPs, together with WCC and CarromClash in cell video games, Kiddopia in gamified early studying, NODWIN and Sportskeeda in esports and esports media, and Halaplay and Qunami in skill-based, fantasy and trivia video games.

In addition to Jhujhunwala, Plutus Wealth Administration, IIFL Particular Alternatives Fund, Turtle Leisure are different key traders. Earlier this month, Plutus Wealth Administration LLP and its associates acquired shares value over 500 crore of the corporate from WestBridge.

The corporate had obtained approval from the Securities and Trade Board of India for its preliminary public providing in 2018. In line with the draft papers of itemizing, Nazara’s public difficulty will see sale of 5,543,052 fairness shares.

Explaining the rationale behind the IPO, the corporate mentioned, “The itemizing may also present a public marketplace for fairness shares in India. ICICI Securities and Edelweiss Monetary Providers will handle the corporate’s IPO, in keeping with draft papers.

Nazara Applied sciences consolidated income for monetary 12 months 2019 stood at 183 crore. It generated 180 crore income for the 12 months 2018.

Subscribe to Mint Newsletters

* Enter a legitimate electronic mail

* Thanks for subscribing to our publication.

Source link

Spread the love


Leave a Reply

Your email address will not be published. Required fields are marked *