Rakesh Jhunjhunwala-backed Nazara Technologies has refiled for an IPO, becoming the first Indian gaming company to do so. The company filed its Draft Red Herring Prospectus with SEBI on Friday, taking the first step towards making a debut on the stock market. This would make it the first major potential IPO for 2021, a year when many of India’s big internet companies such as Nykaa, Zomato, Flipkart and Delhivery have IPO plans.
It earlier filed a DRHP in 2018 and even got approval from SEBI but decided not to proceed at the time. The public issue is an offer for sale of 49,65,476 equity shares by promoters and investors.
Founded in 2000 by Nitish Mittersain, Nazara is known for mobile game of characters such as Chhota Bheem, Shikari Shambu and Motu Patlu, and is also known for the World Cricket Championship. It also has operations in over 60 countries across the world, including in Southeast Asia, Africa and the Middle East.
The company’s IPs include CarromClash, WCC, Halaplay, Sportskeeda, NODWIN and more.
Nazara has acquired many organisations across categories, and has investments in epsports, edutainment, infotainment, fantasy gaming, e-sports and more.
In October, Nazara told PTI that it was looking to clock a revenue of Rs 450-470 crore this fiscal year.
"We had been growing at a robust rate, but during lockdown we saw further acceleration that gives us confidence that we will be able to touch Rs 450-470 crore in the ongoing fiscal," Nazara Technologies CEO Manish Agarwal had told PTI.
Nazara’s key investors apart from Rakesh Jhunjhunwala include Westbridge Ventures, IIFL Special Opportunities Fund, Turtle Entertainment Gmbh, Good Game Investment Trust and the Seedfund 2 International.
Earlier this month, WestBridge Ventures II Investment Holdings exited from Nazara by selling shares worth over Rs 500 crore to Plutus Wealth Management and its associates. As per reports, WestBridge Ventures was one of the early investors in Nazara and reportedly invested around Rs 22 crore in the company.