Global gaming and media sports company Nazara Technologies has filed a draft red herring prospectus (DRHP) on January 14 with market regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The veteran investor Rakesh Jhunjhunwala-backed company had earlier received approval from SEBI for its initial public offering in April 2018. However, it was yet to file its DRHP.
The IPO will make Nazara the first Indian gaming company to enlist in the market. As per the DRHP filed by Nazara, the company will offer 49,65,476 equity shares for sale by promoters and investors with a face value of Rs 4.
At the beginning of January, financial and wealth advisor Plutus Wealth Management LLP had bought shares in Nazara worth Rs 500 crore from WestBridge Capital.
Founded in 2000 by Nitish Mittersain, Nazara has asserted itself in the interactive gaming and sports sector through investments and acquisitions in various gaming categories including esports, edutainment, infotainment, fantasy sports, multiplayer games like carrom and mobile cricket games, etc. Over the last two decades, Nazara has also expanded globally to 74 countries across Asia, Africa and the Middle East.
In 2019, Nazara had invested in PaperBoat App, Absolute Sports, Crimzocode Education Private limited and fantasy sports platform Halaplay Technologies. In 2020, the gaming and sports company became a majority stakeholder in PaperBoat App and Halaplay Technologies.