One of India’s oldest game publishing companies, Nazara Technologies, is planning to offer an IPO (Initial Public Offering) by the end of the financial year.
According to Economic Times, the company has already initiated the process and has brought in ICICI Securities and Edelweiss Financial Services for the IPO by the end of FY18. According to reports the IPO is aimed at a value of Rs. 1000 crore. However, further reports suggest that even though the company is aiming for the above mentioned figures, Nazara could be valued at somewhere between Rs. 3000 crore to Rs. 3500 crore.
If the plans materialise, Nazara Technologies would be the first public listed gaming company in the country. The IPO will also be pleasant news for WestBridge Capital, the firm which invested Rs. 19 crore into Nazara Technologies between 2005 and 2007 and holds a 55 per cent stake in the company. With the IPO in place, WestBridge is projected to get around 75 to 80 times the return on their investment.
Founded by Nitish Mittersain in 2000, Mumbai-based Nazara Technologies has been a leading publisher and is known for various cricket games, including an association with Indian star cricketers Rohit Sharma and Virat Kohli. The company has also had associations with Stick Sports, a London and Sydney based game developing company and most recently with Noida-based Moong Labs for more cricket titles. A few months back Nazara Technologies and POKKT, the smartphone ad platform for mobile games came together to develop a native campaign in Nazara’s most popular game, Chhota Bheem Talking Toy. The company has also announced a $20 million esports league which was said to be starting this year, however no operational details on the same have been revealed yet.
No formal announcement has been made by Nazara Technologies as of yet, we will update the story as more information comes in.
