Shares of Rakesh Jhunjhunwala-backed Nazara Technologies made a robust opening on stock exchanges on Tuesday, listing at Rs 1,971, a 79 per cent premium over its issue price of Rs 1,101 per share on the BSE. In a similar trend, the stock opened 80.74 per cent higher at Rs 1,990 on the National Stock Exchange (NSE). With this, India-based sports media platform became the first gaming company to be listed on the stock exchanges.
Post listing, Nazara Tech shares were trading 67 per cent higher against issue price at Rs 1,819.95 on the BSE. The shares hit high and low of Rs 2,026.90 and Rs 1,815.05 in trade so far. On the volume front, 2.03 lakh shares have changed hands over the counter on BSE in opening deals, while market cap stood at Rs 5,499.93 crore.
“The equity shares of Nazara Technologies Ltd (Scrip Code: 543280) are listed and admitted to dealings on the Exchange in the list of ‘B’ Group Securities,” the company said in a regulatory filing.
The Rs 583 crore IPO of Nazara Technologies was oversubscribed 175 times. The price band for the issue, which closed on March 19, was fixed at Rs 1,100-01. Investors bided for a minimum of 13 equity shares and in multiples of 13 thereafter, which means they invested minimum of Rs 14,300 per lot. The allocation of shares Nazara Technologies after its public issue was finalised on March 25.
The IPO was an offer for sale (OFS) of up to 5,294,392 equity shares by the promoters and existing shareholders. The promoters currently hold 22.88 per cent in the company. Post-IPO, the promoter holding will come down to 20.61 per cent. Rakesh Jhunjhunwala, who owned 11.38 per cent stake in the company, did not participate in the OFS.