Nazara Tech IPO: Nazara Technologies IPO subscribed 175 times

MUMBAI: The Rs 583 crore- Initial Public Offer (IPO) of Nazara Technologies, a gaming company backed by investor Rakesh Jhunjhunwala, was subscribed 175.43 times on the last day of bidding process. The issue received bids for 51.20 crore shares, compared with the issue size of 29.21 lakh shares.

This is the third highest-ever subscription to an IPO with size over Rs 200 crore. The previous record was from MTAR Technologies, a Hyderabad based precision engineering solutions company, whose IPO was subscribed more than 200 times last month. Mrs Bectors Food Specialities’ IPO last year was subscribed 199 times. Some of the other IPOs in 2020 like Mazagon Dock, Burger King, Happiest Mind and Chemcon Speciality Chemicals were subscribed more than 150 times.

The high networth individual category of Nazara Technologies was subscribed 390 times while the portion reserved for retail investors received bids for 75 times the shares set aside for them. The Qualified institutional buyers (QIBs) segment was subscribed 104 times.

The IPO is an offer for share (OFS) of 52.9 lakh shares being sold in the price band of Rs 1,100 to Rs 1,101 per share, representing 16.7 per cent stake in the company. Ahead of its IPO, the company allotted Rs 261 crore worth of shares to 43 anchor investors at Rs 1,101 per piece.