The initial public offering (IPO) of Nazara Technologies was subscribed 175.29 times on March 19, the last day of bidding. The offer has received bids for 51.25 crore shares against the IPO size of 29.20 lakh equity shares, as per subscription data.

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The portion booked for retail investors has seen a subscription of 74.35 times, while that of non-institutional investors is subscribed 389.89 times.

The employees' portion is booked 7.36 times. The company has reserved shares worth Rs 2 crore for its employees. The reserved portion for qualified institutional buyers' has been subscribed 103.77 times data showed.

The company aims to raise Rs 583 crore through its public offer, which closes today.

Nazara Technologies, which is backed by ace investors Rakesh Jhunjhunwala and IIFL, had raised Rs 262 crore from anchor investors on March 16.

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The company is the leading India-based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America.

The company has fixed the price band for the issue at Rs 1,100-1,101 per equity share.

The offer includes an offer for sale of up to 6,91,900 equity shares by the promoters; 43,87,863 equity shares by the investor selling shareholders and 2,14,629 equity shares by the other selling shareholders.

Also Read: Nazara Technologies IPO opens today: Brokerages recommend subscribing to the issue

Aditya Birla Capital notes that the company has a wide-spread presence both in terms of geography and product portfolio which offers strong growth visibility.

"The IPO is valued at 8.3x on H1FY21 (annualised) Price/Sales which we believe is reasonable when compared to the newly listed technology stocks (Avg ~13x). We assign subscribe rating on the issue,” Aditya Birla Capital said.

First Published:Mar 19, 2021 12:35 PM IST