Nazara Technologies, a social games developer for Mobile and other devices, is all set to go public and even got Securities Exchange Board of India (SEBI) on board before their first Initial Public Offering (IPO).
The developers are popular for bringing in exciting games like World Cricket Championship, Chhota Bheem and the popular Motu Patlu series in the Indian market. It was on February 1st, 2018 when Nazara technologies filed a draft with SEBI, seeking permission to launch an IPO. After a month and 20 days, the company finally got a green flag from SEBI. SEBI must observe and analyze whether or not that company is eligible to make initial public offerings and follow-on public offerings, etc. According to the draft submitted by the company, it is expected that the company is looking to sell 5,543,052 equity shares by existing shareholders WestBridge Ventures Investment Holdings and Mitter Infotech.
Why the IPO, speaking of which the company publicly announced that by listing equity shares will help the company to reach out farther and will also help the brand name to reach the sky. It will also provide liquidity to the existing shareholders of the company.”The listing will also provide a public market for equity shares in India,” the company quoted.
The responsibilities of handling the IPO of Nazara Technologies have fallen upon ICICI Securities and Edelweiss Financial Services. However, the equity shares are to be listed on BSE and NSE. Nazara Technologies received an investment of INR 180, 000, 0000 in December from Rakesh Jhunjhunwala and since then the company is looking to explore unchartered territories in the Indian market.
Nazara runs gaming subscription services to mass mobile internet users comprising mainly of first-time gamers in Africa, the Middle East, South East Asia, Latin America and the Indian subcontinent. It has operations in over 60 countries across emerging markets.