Nazara Technologies IPO price band fixed at Rs 1,100 – Rs 1,101

Nazara Technologies’ proposed IPO, which is being backed by business magnate Rakesh Jhunjhunwala, will open on March 17 as the promoters and existing investors of the company are offering 5.29 million shares, or 16.7% stake, through an offer for sale (OFS). However, the price band of the IPO has been fixed at Rs 1,100 to Rs 1,101 per equity share that will come live on Wednesday.

In this initial Public offering, the esports giant have set that one buyer will have to go for a minimum of 13 equity shares and thereafter, anything in the multiple of 13. It will be live for two days and will close on March 19. With the value being fixed at 1,100, investors will have to bid for a minimum Rs 14,300 worth of shares and an integer multiple of that in subsequent buy outs.

While the offering has made the price of the company going up, IIFL, meanwhile, is partially exiting from the set-up, selling 14% stake out of its overall holding of over 21%. The promoters, from their total 22.5% stake, will offload 2.25% stake while holding 20% in the company henceforth. The promoters’ stake has been locked in for three years.

Nazara, which is the first pure play gaming company to register for an IPO in India, includes a reservation up to Rs 20 million in aggregate for eligible employees who can buy it at a discount of up to 10% of the offer price.

Qualified Institutional Buyers have a reservation of 75% of the IPO issue while Non-Institutional Investors have been offered 15%. Retail investors have been offered 10% in the current issue.