Rakesh Jhunjhunwala-backed Nazara Technologies files for IPO

Our Bureau Mumbai | Updated on January 17, 2021

Billionaire Rakesh Jhunjhunwala backed mobile gaming company Nazara Technologies has filed for an initial public offer (IPO) with SEBI. Earlier, Nazara had received approval from market regulator SEBI for IPO in 2018. This time it will be refiling as it could not launch the issue earlier.

The Mumbai-based company is promoted by Nitish Mittersain who founded it in 2000. Besides Jhunjhunwala, Plutus Wealth Management, IIFL Special Opportunities Fund, Turtle Entertainment are key investors.

Just recently WestBridge Capital had sold its shares worth ₹500 crore in Nazara to Plutus Wealth. Reportedly, WestBridge had invested ₹22.6 crore and received a sales consideration of about ₹1,000 crore from the investment. The fund had already sold part of its stake in 2017.

IIFL Special Opportunities Fund and Rakesh Jhunjhunwala had invested ₹327 crore in November 2017 and ₹182 crore in December 2017, respectively.

Nazara claims to have built a network in interactive mobile gaming and sports through investments and acquisitions in various gaming categories including esports, edutainment, infotainment, fantasy sports and multiplayer games like carrom and cricket.

Published on January 17, 2021

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