Ahead of listing on March 30, Rakesh Jhunjhunwala-backed Nazara Technologies' share is being traded at around 60 per cent premium in the grey market. It is being traded at Rs 1,740- Rs 1,751 per piece.
Many IPOs that were launched recently had seen a surge in their value in the grey market and then seen a decline in the last few days followed by a disappointing listing. There has been a slight change in Nazara Technologies’ price in the grey market over the last few days. On coming Tuesday, the investors will know of the fate of Nazara Technologies if it will be the same as other companies who are trading below their IPO price or trade higher.
The company’s IPO received a positive response as it was subscribed 175.46 times.
Gaming firm’s IPO opened on March 17 and was priced at Rs 1,100-1,101 per share. The initial public offering (IPO) concluded on March 19. The company’s offer was for Rs 583 crore and it managed to raise that amount. The net proceeds will not be used by the company but will go to the existing investor. Through the IPO, the company holds to build a brand name and provide liquidity to the existing shareholders.
The company has undertaken investments and acquisitions in various gaming categories, including esports, edutainment, infotainment, fantasy sports, multiplayer games like carrom and mobile cricket games, among others to strengthen its position in the gaming and sports media space.
The equity shares of Nazara Technologies will be listed on BSE and NSE.