Nazara Technologies backed by Rakesh Jhunjhunwala makes strong opening
Published On: Tuesday, March 30, 2021 | By: Team KnowMyStock
Shares of Nazara Technologies backed by Rakesh Jhunjhunwala made a robust opening on stock exchanges on Tuesday, listing at Rs 1,971, a 79 per cent premium over its issue price of Rs 1,101 per share on the BSE. The debutant stock had a market capitalization of Rs 6,002.25 crore on the listing. The Rs 583-crore IPO of Nazara Technologies was subscribed 176 times by investors. This is the first gaming company that has been listed on the stock exchanges. Nazara owns IPs, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in esports and esports media, and Halaplay and Qunami in skill-based, fantasy and trivia games. Nazara Technologies had raised a whopping Rs 260 crore from anchor investor ahead of IPO launch. The company's IPO committee had decided to allocate 23,73,395 shares to 43 anchor investors at Rs 1,101 per piece.
Jhunhunwala did not participate in the offer for sale. He is believed to be sitting on huge gains on his mobile gaming investment. He had invested Rs 180 crore in the gaming firm in 2008.Speaking at the Times Network India Economic Conclave 2021 last week, Rakesh Jhunjhunwala said he would have made 20 private equity investments by far, but 10 of them turned out to be duds, or were written off.
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