Nazara Technologies’ IPO subscribed 6.89 times on Day 2 of bidding

Nazara Technologies, which became the first Indian gaming company to offer Initial Public Offerings (IPO), has seen its issue subscribed by close to seven times on Day 2 of bidding - a thorough indicator of the growing appetite for the gaming sector in India by the open investors.

Nazara is a market leader thanks to their wide-range of products that they provide with interactive gaming, eSports, and gamified early learning ecosystems, including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin and Sportskeeda in eSports and eSports media, and Halaplay and Qunami in skill-based, fantasy and trivia games.

After being backed by business magnate Rakesh Jhunjhunwala, the issue received bids for 1.65 crore equity shares against an offer size of 29.20 lakh equity shares, and by the morning of March 18, they have crossed 6.89 times subscription. It must be noted that the issue closes on March 19.

According to MoneyControl, the non-institutional investors have put in bids 5.50 times more than their reserved portion. Along the way, the retail investment has seen a massive 28.72 times subscription and that of employees is subscribed 2.95 times.

With Nazara successfully listing themselves, other e-sports companies like Dream 11, Games24x7, Paytm First Games, Mobile Premier League, JioGames, and Gametion Technologies might explore the IPO route to raise funds for their business.

India is currently a $1.2 billion market according to a latest estimation and the sector is targeting to reach $3 billion by 2023.