Nazara Technologies Jump Over 70% on Listing
Nazara Technologies on BSE, jumped to ₹1918 as compared to issue price of ₹1,101. The initial public offer (IPO) Nazara Technologies was subscribed over 175 times. Backed by ace investor Rakesh Jhunjhunwala, the gaming company had offered shares in a price range of ₹1,100-1,101 per share. The broader Mumbai market was also firm today with Sensex up nearly 700 points.
The RIIs segment was subscribed 75.29 times while the portion reserved for QIBs was subscribed 103.77 times and non institutional investors 389.89 times.
Brokerages has recommended subscription for long term potential and possibility of listing gains.
"Nazara Tech is supported by a strong leadership team backed by marquee investors. At the upper price band of Rs.1,101, NTL is available at EV/Sales of 8.5x based on H1FY21 (annualized numbers) which is on the higher side. But this premium valuation is supported by the high scalability of new digital business," Geojit had said in a note.
30 firms raised ₹31,277 crore through initial public offerings (IPOs) in 2020-21, significantly higher than ₹20,352 crore mopped up through 13 initial share-sales in the preceding fiscal year.