Nazara Tech files draft IPO papers

Gaming and sports media platform provider Nazara Technologies Ltd, which is backed by ace investor Rakesh Jhunjhunwala, has filed draft papers with the Securities and Exchange Board of India to issue up to 4.96 mln shares through an initial public offering.

The initial public offering is being done to give existing shareholders an opportunity to sell stake in the company.

Therefore, the issue is a complete offer for sale. Promoter Mitter Infotech LLP, along with investors IIFL Special Opportunities Fund, Indexarb Securities Pvt Ltd, Sportskeeda Founder Porush Jain, Azimuth Investments Ltd and Venture Capital firm Seedfund will sell shares in the offer.

Mitter Infotech will sell 691,900 shares in the company. As on Sep 30, Mitter

Infotech held 20.82% stake in the company.

The Mumbai-based company is focussed on interactive gaming, eSports and gamified early learning ecosystems with presence in India, Africa and North America.

The platform was one of the first entrants in eSports in the Indian market through its brand Nodwin and also has Sportskeeda, an eSports media company, as its most recognisable brand. Jhunjhunwala had picked up stake in the company in 2017 and as on Sep 30, he held 11.5% stake in the company.