Nazara Technologies IPO subscribed 4.01 times, retail portion booked 16.75 times

The initial public offer (IPO) of Nazara Technologies was subscribed 4.01 times on the first day of bidding. The share sale received bids for 1.17 crore equity shares against the IPO size of 29.20 lakh equity shares.

Retail investors submitted bids 16.75 times the reserved portion, while that of non-institutional investors is subscribed 2.85 times. Employees portion was booked 2.28 times. The company will allot Rs 2 crore worth of shares to its employees.

The reserved portion for qualified institutional buyers' was subscribed 36 percent.

The firm which is backed by ace investor Rakesh Jhunjhunwala launched its three-day initial public offer (IPO) today. The firm is India-based gaming and sports media platform and known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.

Nazara Technologies plans to raise Rs 582 crore from IPO through offer for sale (OFS) of up to 5,294,392 equity shares. Price band has been fixed at Rs 1,100-1,101 per share. The bid lot size is of 13 shares and in multiple thereof. Equity shares of Nazara Technologies will be listed on BSE and NSE. The IPO will conclude on March 19.