<article>Mumbai-based gaming firm<a href="http://dealstreetasia.com/tag/nazara" target="_blank" rel="noopener"> Nazara Technologies</a> has filed draft papers with the capital markets regulator SEBI for its initial public offering.</article>

Mumbai-based gaming firm<a href="http://dealstreetasia.com/tag/nazara" target="_blank" rel="noopener"> Nazara Technologies</a> has filed draft papers with the capital markets regulator SEBI for its initial public offering.
According to the<a href="https://www.sebi.gov.in/filings/public-issues/feb-2018/nazara-technologies-limited_37683.html" target="_blank" rel="noopener"> Draft Red Herring Prospectus</a> filed by Nazara, the issue is entirely a secondary market sale of 5.54 million shares. The IPO will result lead to 20.55 per cent stake dilution.
According to earlier news reports, Nazara was looking to raise Rs 1.000 crore through the IPO, at a valuation of around Rs 3,000-3,500 crore. If successful, this would be the first public listing of an Indian gaming firm.
The IPO will see Nazara&#8217;s existing investors <a href="http://dealstreetasia.com/tag/westbridge" target="_blank" rel="noopener">WestBridge Ventures Investment Holdings </a>and Mitter Infotech paring their stake in the company.
&#8220;Westbridge, a significant shareholder of our company holds 22.69% of the shareholding of our company as on the date of this Draft Red Herring Prospectus. Westbridge, which has been an investor shareholder in our company since calendar year 2005, may exit our company by selling up to its entire shareholding in our company post filing of this Draft Red Herring Prospectus, and/or post listing of equity shares on the stock exchanges pursuant to the offer,&#8221; it said.
According to the company, the IPO will enhance Nazara&#8217;s brand name and provide liquidity to the existing shareholders. ICICI Securities and Edelweiss Financial Services have been appointed to manage the company&#8217;s public listing on BSE and NSE.
Nazara runs mobile gaming subscription services to mass mobile internet users comprising largely of first time mobile gamers across Africa, Middle East, South East Asia, Latin America and the Indian subcontinent. At present, it has operations in over 60 countries across emerging markets.
In December, ace stock market investor Rakesh Jhunjhunwala reportedly invested Rs 180 crore ($28 million) in IPO-bound Nazara Technologies. At the time, Nazara’s early investor WestBridge Capital part-exited the company.
Jhunjhunwala&#8217;s investment came close on the heels of asset management firm India Infoline Finance Ltd’s (IIFL) Special Opportunities Fund acquiring a minority stake worth Rs 330 crore in the mobile game developer.
The company, known for its games on World Cricket Championship, &#8216;Chhota Bheem&#8217; and &#8216;Motu Patlu&#8217; series, has also made a string of acquisitions to expedite its growth. Most recently, it acquired a 55 per cent stake in Gurugram-based NODWIN Gaming Pvt. Ltd, a gaming solutions company and creator of e-sports events, through a cash-and-stock deal last month.
Prior to that, it acquired a majority stake in Chennai-based NextWave Multimedia Pvt. Ltd, behind the World Cricket Championship mobile game. In the past, Nazara has made undisclosed investments in Moonfrog Labs and Truly Social.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-digest-174-82092/" target="_blank" rel="noopener">Nazara Tech plans $157m IPO by March end</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-dealbook-176-88394/" target="_blank" rel="noopener">Rakesh Jhunjhunwala to invest $28m in Nazara Tech</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/nazara-technologie-acquires-stake-in-nodwin-gaming-90985/" target="_blank" rel="noopener">India: Nazara Technologies acquires 55% stake in NODWIN Gaming</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-iifl-fund-buys-stake-gaming-firm-nazara-51m-87569/" target="_blank" rel="noopener">India: IIFL fund acquires stake in gaming firm Nazara Tech for $51m</a>
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Mumbai-based gaming firm Nazara Technologies has filed draft papers with the capital markets regulator SEBI for its initial public offering.

India: Nazara files draft IPO papers, early-backer Westbridge to part exit gaming co

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India: Nazara files draft IPO papers, early-backer Westbridge to part exit gaming co

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