Nazara Technologies Limited Initial Public Offer to open on March 17, 2021
- Price Band fixed at ₹1,100 to ₹1,101 per equity share
- Offer to remain open from Wednesday, March 17, 2021 to
Friday, March 19, 2021
Mumbai, 12, 2021: Nazara Technologies Limited (the “Company’), the leading India based diversified gaming and sports media platform with presence in India and across emerging and developed global markets such as Africa and North America, and offerings across the interactive gaming, eSports and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin and Sportskeeda in eSports and eSports media, and Halaplay and Qunami in skill-based, fantasy and trivia games, will open the initial public offer of equity shares of face value of ₹4 each (“Equity Shares” and such initial public offer, the “Offer”) on March 17, 2021. The Offer will close on March 19, 2021. The Price Band of the Offer has been fixed at ₹1,100 to ₹1,101 per Equity Share.
|Risks to Investors:
The Offer comprises initial public offering of up to 5,294,392 equity shares of face value of ₹4 each (“Equity Shares”) of Nazara Technologies Limited (“Company” or “Issuer”), through an offer for sale of by the selling shareholders, comprising of up to 1,267,435 equity shares by IIFL Special Opportunities Fund, up to 1,036,286 equity shares by IIFL Special Opportunities Fund – Series 4, up to 873,989 equity shares by IIFL Special Opportunities Fund – Series 5, up to 816,804 equity shares by IIFL Special Opportunities Fund – Series 2, up to 691,900 equity shares by Mitter Infotech LLP (the “Promoter Selling Shareholder”), up to 393,349 equity shares by IIFL Special Opportunities Fund – Series 3, (IIFL Special Opportunities Fund, IIFL Special Opportunities Fund – Series 4, IIFL Special Opportunities Fund – Series 5, IIFL Special Opportunities Fund – Series 2 and IIFL Special Opportunities Fund – Series 3 together, referred to as the “Investor Selling Shareholders”), up to 150,000 equity shares by Good Game Investment Trust, up to 25,000 equity shares by Seedfund 2 International, up to 23,725 equity shares by Porush Jain, up to 14,959 equity shares by Azimuth Investments Limited and up to 945 equity shares by Seedfund 2 India (Good Game Investment Trust, Seedfund 2 International, Porush Jain, Azimuth Investments Limited and Seedfund 2 India together, referred to as the “Other Selling Shareholders, and together with the Promoter Selling Shareholder and the Investor Selling Shareholders, referred to as the “Selling Shareholders”). This offer includes a reservation aggregating up to ₹20 million for purchase by eligible employees (the “Employee Reservation Portion”). The offer less the employee reservation portion is hereinafter referred to as the “Net Offer”. The Company, the Promoter Selling Shareholder and the Investor Selling Shareholders in consultation with the BRLMs, may offer a discount of up to 10.00% to the Offer Price (₹110 per share) to Eligible Employees Bidding in the Employee Reservation Portion (“Employee Discount”).
Bids can be made for a minimum of 13 Equity Shares and in multiples of 13 Equity Shares thereafter.
The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company, the Promoter Selling Shareholder and the Investor Selling Shareholders in consultation with the BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion. One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation
Price. 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.
Further, not more than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not more than 10% of the Net Offer shall be available for allocation to RIBs in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process providing details of their respective bank account (including UPI ID for RIBs using UPI Mechanism), in which the corresponding Bid Amounts will be blocked by the SCSBs or the Sponsor Bank, as applicable. Anchor Investors are not permitted to participate in the Offer through the ASBA process.
ICICI Securities Limited, IIFL Securities Limited (in compliance with the proviso to Regulation 21A of the SEBI (Merchant Bankers) Regulations, 1992, IIFL Securities Limited will be involved only in marketing of the Offer), Jefferies India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer.
Nazara is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares (“IPO”) and has filed the red herring prospectus dated March 10, 2021 (“RHP”) with the Registrar of Companies, Maharashtra at Mumbai. The RHP is available on the website of SEBI, BSE and NSE at www.sebi.gov.in, www.bseindia.com and www.nseindia.com, respectively, and the websites of the Book Running Lead Managers (“BRLMs”) i.e. ICICI Securities Limited, IIFL Securities Limited, Jefferies India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited, at www.icicisecurities.com, www.iiflcap.com, www.jefferies.com, and www.nomuraholdings.com/company/group/asia/india/index.html, respectively. Any potential investors should note that investment in equity shares involves a degree of risk and for details relating to the same, please refer to the RHP, including the section “Risk Factors” of the RHP.
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in ‘offshore transactions’ in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made.