Jhunjhunwala-backed Nazara Technologies Shares Could Be Disappointing For Many
Wait for the allotment of Rakesh Jhunjhunwala-backed Nazara Technologies shares could be over today but most investors would be disappointed as the initial public offer (IPO) by India-based gaming and sports media platform has been subscribed 175.46 times on the last day.
What is the size of this IPO?
Nazara Technologies is offering 29.20 lakh equity shares through its three-day IPO announced on March 17. It is an offer for sale (OFS) of up to 5,294,392 equity shares worth around Rs. 582 crores. The company has fixed the price of a share at Rs. 1,100-1,101. And the lot size of the IPO is capped at 13 shares and in multiples.
How many times the IPO has been subscribed?
The bids submitted by retail investors for Nazara Technologies share were 74.35 times of the reserved portion but it was the non-institutional investors that subscribed to the IPO the highest times that is 389.89 times. Employees also booked their portion 7.36 times. The company is reserved 20,181 shares worth Rs 2 crore for its employees.
How were the IPO bookings made in three days?
It started with the sale of 23,73,395 shares to 43 anchor investors at Rs 1,101 per piece on March 16. The company made over Rs. 261 crores through this sale.
On March 18, the IPO was booked 10.55 times that translates into 3.08 crore equity shares. On March 18, the share sale was subscribed 4.01 times which translates into 1.17 crore equity shares. It is to be noted that the IPO offers 29.20 shares only.