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GIC, ADIA, others come in as anchors for Nazara Technologies’ IPO
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Gaming firm Nazara Technologies, whose initial public offering opened today, saw sovereign wealth funds Abu Dhabi Investment Authority and Singapore’s GIC participate in its anchor round ahead of IPO.

On Tuesday, the Mumbai-based mobile games developer informed the stock exchange that it has raised Rs 261 crore (about $36 million) from 43 anchor investors by issuing 23.74 lakh shares. 

In the fundraise, GIC and ADIA invested around Rs 22 crore ($3 million) and Rs 13.2 crore ($1.8 million) for 8.4% and 5.1% stakes, respectively. 

The anchor allocation price was Rs 1,101 per share, including a premium of Rs 1,097 per share, the company said in the exchange filing. 

The long-awaited IPO opened today, marking the first-ever bid by a homegrown gaming company to go public.   

The issue will close on Friday. 

Apart from GIC and ADIA, Goldman Sachs India, Steadview Capital Mauritius, Fidelity Funds, Nomura Fund, Aberdeen Standard Asia Focus, Hornbill Orchid India Fund and Ashoka India Equity Investment Trust, among others, also participated.  

Overall, the Rakesh Jhunjhunwala-backed company’s IPO has offered 52.95 lakh equity shares for sale in a price band of Rs 1,100-1,101. 

Investors and promoters selling shares in the offer include IIFL Special Opportunities Fund, IIFL Special Opportunities Fund, Good Game Investment Trust, Seedfund 2 International, Porush Jain, Azimuth Investments as well as promoter Mitter Infotech LLP. 

For 2019-20, Nazara Technologies swung to a net loss of Rs 26.6 crore from a profit of Rs 6.71 crore a year ago. 

Its revenue grew over 50% to Rs 247.5 crore during the period. 

ICICI Securities, IIFL Securities, Jefferies India and Nomura are the book-running lead managers to the issue. 

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