Technology

Rakesh Jhunjhunwala-backed Nazara Technologies debuts at Rs 1,990 per share at a premium of 80.74%

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.

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