Nazara Technologies, Gaming Startup Backed by Rakesh Jhunjhunwala Plans to Launch IPO Soon

Mumbai, October 29: Nazara Technologies, Rakesh Jhunjhunwala-backed startup is planning to soon launch its IPO. The Mumbai-based mobile gaming company informed its shareholders about its plan to go public in a letter earlier this month.

According to an ET report, the company will soon file the draft red herring prospectus (DRHP) with markets regulator Sebi. The issue size is yet to be decided, however, some traders estimate the IPO price to be around Rs 950.

The report further mentions that shares of Nazara Technologies have almost doubled in the last six months in the unlisted market. The unlisted shares traded at around Rs 750-800 this week as against their April price of Rs 400-450.

Earlier this year, Nazara Technologies announced that it has completed its majority stake acquisition of Paper Boat Apps. Nazara acquired 51 percent of Paper Boat Apps, issuing shares worth Rs 43 crore as a part of its final tranche of the acquisition.

Nazara is a free-to-play kids games publisher with 20 million monthly active children playing, and over 180 million downloads on Google Play and App store. Nazara’s network comprises of World Cricket Championship, Halaplay, and Nodwin Gaming.