The gaming company Nazara Technologies is seeking to raise up to Rs 750 crore through qualified institutional placements through the issuance of new equity shares or any other equity linked instruments.
According to a document obtained from the National Stock Exchange (NSE), the board of directors at Nazara Technologies has approved raising up to Rs 750 crore as well as raising the authorized share capital to Rs 50 crore. The company hasn’t released the names of the investors who will purchase new shares.
A gaming and sports media company called Nazara Technologies has operations across many continents, including Europe, Africa, the Middle East, and India. It offers eSports competitions, ad-tech products, and educational ecosystems.
Nazara has supported a number of businesses over the last couple of years, including web3 gaming startup Kratos Studios in its $20 million seed round. Notably, Manish Aggarwal, a former CEO of Nazara, and Ishank Gupta, an angel investor, are co-founders of Kratos. At a post-money valuation of $349 million, its subsidiary Nodwin acquired $28 million from Nazara, Krafton, and others in May. Halaplay, WildWorks, Kiddopia, Sports Unity, Sportskeeda, and Datawrkz are a few of the notable companies it has invested in.
In January 2021, Nazara submitted the paperwork for its initial public offering; in March, it was listed on the stock exchange. The company’s share price is currently Rs 725.
On September 12 of last year, it reached the price of Rs 789, the 52-week high. Nazara’s market capitalization is currently around Rs 4,800 crore ($585 million).
The company’s eSport segment, followed by gamified early learning and adtech business, is where it makes the majority of its revenue. Additionally, it receives a small portion of its income from telco subscriptions, real money gaming, and freemium services. It saw a 75.5% increase in operating scale, from Rs 621.7 crore in FY22 to Rs 1,091 crore in FY23. According to the company’s consolidated annual financial statements, its profits also increased, from Rs 50.7 crore in FY22 to Rs 61.4 crore in the most recent fiscal year, a 21.1% increase.
