Online Gaming Platform Nazara files IPO with SEBI

Online gaming platform Nazara, which is backed by Rakesh Khandelwal and founded in 1999 by Nitish Mttersain (who is also the joint managing director of the firm), has filed IPO (Initial Public Offering) papers with capital markets regulator SEBI. Nazara gained its popularity with games like the World Cricket Championship, Motu Patlu and Chhota Bheem.

According to the Draft Red Herring Prospectus filed on Thursday, with Nazara going public, it will see a sale of 49,65,476 equity shares by the promoters and existing shareholders.

The other companies selling shares are Good Game Investment Trust NSE - 3.08 %, IIFL Special Opportunities Fund, IndexArb Securities and Azimuth Investments and Mitter Infotech LLP.The listing of equity shares will give the brand name a further push and provide liquidity to the existing shareholders. The company also stated that this listing will also provide a public market for equity shares in India. NSE and BSE listings will have these shares.

In February 2018, the company had filed for preliminary papers with SEBI and had gotten the approval to float the IPO but they chose not to launch the issue.

To strengthen its position in the gaming and sports world, the company has also undertaken investments and acquisitions in several gaming categories including esports, infotainment, fantasy sports, edutainment, mobile cricket games, carrom, etc.