Nazara Technologies IPO updates: Public offer subscribed 175 times on final day

The shares of Nazara Technologies was subscribed 175.4 times for the upper band of shares priced at Rs 1101 on the last day of the public offer. The upper price band received 51,23,37,293 offers against 51,25,17, 642 offers received for the lower price band of shares at Rs 1100, against the offer size of 29,20,997 shares. The Rs 583 crore IPO of Nazara Technologies concluded today with the portion of retail investors being subscribed 75.29 times, while the portion for non-institutional investors was subscribed 3889.89 times at market close. The basis of allotment for the IPO will be announced on March 24 while the shares will be listed on March 30. 

The issue was subscribed 175.2 times with 51,17,69,674 offers for the upper band of shares on the final day of the public offer while the lower band of shares saw 51,19,48,229 offers. This was against the offer size of 29,20,997 shares made by the company. The portion for retail investors was subscribed 74.48 times while the portion for non-institutional investors was subscribed 389.89 times.

On the final day of the public offer, the issue was subscribed 11.4 times with 3,34,67,486 offers for the upper band of shares and 11.5 times for the lower band of shares with 3,35,96,472 offers against the offer size of 29,20,997 shares at market open. The demand was buoyed by retail investors as the portion was subscribed 46.5 times while the portion for non-institutional investors was subscribed 9 times.

At Thursday's close, the public issue saw 10.5X subscription, as it received bids for 3,08,13,731 lower band shares against an offer size of 29,20,997 shares (excluding anchor book), according to stock exchange data. On the upper band of Rs 1,101, bids were received for 3,06,91,921 shares.

The portion for retail investors was subscribed 44.5X, that of non-institutional investors was subscribed 7.7X, and that of qualified institutional buyers was about 72% covered. The portion for employees was oversubscribed by 5.3%.

The public issue was subscribed 9.7 times, with 2,84,56,012 offers for the upper band of shares priced at Rs 1101 and 2,85,61,195 offers for the lower price band of Rs 1100, against the offer size of 29,20,997 shares by the company. The portion of retail investors was subscribed 41.52 in the second day of the public offering, while the portion of non-institutional investors was subscribed 6.9 times. 

At market open on Thursday, the public issue was subscribed 4.6 times on the second day of the bidding. The upper band of shares received 1,36,44,696 bids, against the offer size of 29,20,997. The corresponding number of bids for the lower band of shares was 1,36,81,109. 

The portion of retail investors was subscribed 20.50 times during market open on day two, while that of non-institutional investors was subscribed 3.1 times. 

At IPO market close, the public issue saw nearly four times (382%) subscription as it received bids for 1,11,51,972 upper band shares against an offer size of 29,20,997 shares (excluding anchor book), according to stock exchange data. On the lower band of Rs 1,100, bids were received for 1,11,79,766 shares.

The portion for retail investors was subscribed 16.8 times, that of non-institutional investors was subscribed 2.85 times, and that of qualified institutional buyers remained covered at 36%. The portion for employees was oversubscribed by 2.3%.

The public issue has seen three times (316%) subscription so far as it has received bids for 92,30,949 upper band shares against an offer size of 29,20,997 shares (excluding anchor book), according to stock exchange data. On the lower band of Rs 1,100, bids were received for 92,54,908 shares so far.

The portion for retail investors was subscribed nearly 13 times (1291%), that of non-institutional investors was subscribed 2.4 times (237%), and that of qualified institutional buyers was covered 36%.

The public issue has seen an 83% subscription so far, as it has received bids for 24,24,734 lower band shares against an offer size of 29,20,997 shares (excluding anchor book), according to stock exchange data. On the upper band of Rs 1,101, bids were received for 24,18,702 shares so far.

While the portion for retail investors was subscribed nearly three times (284%), that of non-institutional investors was subscribed 10.6%. Qualified institutional buyers are yet to bid.

Under the ticker (stock symbol) NAZARA, the IPO begins its bidding process across the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The bidding process, for a total of 29,20,997 available shares, will be hosted from March 17 to 19, in IPO market timings of 10 AM to 5 PM.

Nazara Technologies on Tuesday said it has raised a total of Rs 261.31 crore (about $36 million) from a consortium of 43 anchor investors. The anchors scooped up a total of 23,73,395 shares at Rs 1,101 per share, including a premium of Rs 1,097 per share, the company said in a stock exchange filing. The investors, comprising eight domestic mutual funds, included the government of Singapore, Abu Dhabi Investment Authority, Goldman Sachs India, Steadview Capital Mauritius, and several State Bank of India, HDFC, Kotak, and ICICI funds. Anchors, who are marquee institutional investors such as sovereign wealth funds, mutual funds and pension funds, infuse market confidence to the IPO, given the investors’ non-retail status.