Скачать или смотреть Nazara Technologies IPO Review - Should You Subscribe? | Nazara IPO News

Nazara IPO subscribed 1.8X so far on 1st Day; here's how we analysed it.
Nazara Technologies, a mobile gaming company backed by ace investor Rakesh Jhunjhunwala.
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Nazara Technologies, a mobile gaming company backed by ace investor Rakesh Jhunjhunwala, saw its IPO attract a 19 per cent subscription in the first 30 minutes of the bidding process.

price band of Rs 1,100-1,101

Issue Size 582.91 Cr.

company allotted shares worth Rs 261 crore to 43 anchor investors at Rs 1,101 per piece.

Nazara given its leadership in the highly under-penetrated mobile gaming market, wide product portfolio, and strong relationship and network. Analysts say Nazara is expected to witness strong growth in the next 2-3 years given its recent acquisitions and first-mover advantage.

The issue is first of its kind listing and has no peer comparison in India. We believe that the market would like to give premium valuation to emerging growth stories like mobile gaming," Motilal said.

The IPO is a play on India's under-penetrated gaming and global gamified early learning markets, which are expected to grow at an annual pace of 30-40 per cent over 2020-2023.

it is a first of its kind company getting listed in India, and could command a significant premium given high expected growth rates and lack of opportunities in this space.

IIFL is partially exiting, selling a 14 per cent stake in the company, out of its overall holding of over 21 per cent. The promoters — who own over 22.5 per cent in the company — will offload a 2.25 per cent stake, while holding the remaining 20 per cent in the company. Rakesh Jhunjhunwala, who is one of the largest shareholders with a 10.8 per cent stake, has decided to stay invested.

"The company has been reporting losses as they have increased their spending significantly on advertising & promotion from FY2020 onwards, which will help drive strong topline growth for the company. Advertising & promotion expenses which accounted for 16 per cent of the company's revenues in FY2019 has increased sharply to 53.7 per cent of revenues in FY2020 and 59.7 per cent of revenues in 6MFY2021.

Among the key business segments, the company earns 39 per cent of revenues from Gamified Early Learning, 23 per cent from esports, 21 per cent from telco subscription, 5 per cent from freemium mobile games, and 3 per cent from fantasy and real money games.

The global gaming industry size stands at $157.50 billion in 2020. But the size of India's gaming industry stands merely at $1.5 billion, roughly 25 per cent of Bollywood. Rising smartphone and internet penetration is leading the growth.

"The gaming industry is set to witness 30 per cent plus CAGR over 2020-2023E on the back of high mobile penetration, increasing internet penetration and increasing number of gamers. Nazara has a widespread presence both in terms of geography and product portfolio which offers strong growth visibility.