Everything You Need to Know About Nazara Technologies IPO

Nazara Technologies is launching its IPO. The public offer comprises of offer for sale of 52.9 lakh equity shares aggregating upto Rs. 583 crores. For more information, you can read the IPO Prospectus filed by the company.

About the company

Nazara Technologies is a leading India based diversified gaming and sports media platform with a presence in India and across emerging and developed global markets such as Africa and North America, with offerings across the interactive gaming, eSports and gamified early learning ecosystems.

The company owns some of the most recognisable IP, including 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.

Financial Year Ended Revenue (₹ crores) PAT (₹ crores) EPS (₹)
March 2018 181.94 1.023 1.05
March 2019 186.10 6.713 6.39
March 2020 262.15 -26.615 -0.77
Six months ended September 30 2020 207.01 -10.107 -1.78

Indicative Timetable

Event Date
Issue Period 17th March 2021 - 19th March 2021
Price Range ₹ 1100 - 1101
Minimum Bid Quantity 13 and in multiples thereof
Finalisation of Allotment 24th March 2021
Initiation of Refunds 25th March 2021
Credit of Shares 26th March 2021
Listing Date 30th March 2021

How do I apply for the Nazara Technologies IPO?

You can apply for the Nazara Technologies IPO using any supported UPI app by following two steps:

  • Enter your bid on Console

  • Accept UPI mandate on your phone

On acceptance of the mandate, the bid amount will get blocked in your bank account. Click here to learn more.


Are you ready for tomorrow’s Nazara

I don’t understand what is so special about Nazara IPO apart from being the “first Indian gaming company to launch IPO”. Maybe that “first” is doing the trick as India is such a “virginity-obsessed” country. The numbers are not good for previous years. Revenue vs PAT. Last year due to lockdown, gaming activity increased but is not reflecting on their balance sheet. Nothing remarkable about the content IP. Quality of games is not even at par with EA Sports or PubG. Honestly, it’s bad. Jhunjhunwala seems to use the opportunity of goldrush, and IPO frenzy in share market and make an exit (sell when others are greedy).

If I am missing something, please help me understand.


expecting ea and pubg quality is punching way above the weight :rofl::rofl:

There is a saying that goes like - you can’t teach an old dog new tricks. :sweat_smile: Nazara is a 22-year old company. Now you see balance sheet again. Strange. May have risen to fame in those idiotic flash games era. Flash as you know died its natural death last year. Those stupid flash games became annoying apps. On the contrary, PUBG released in late 2017 and by 2020 it was the highest-grossing game.

Moreover, the proceeds from the IPO would 100% go into the pockets of the investors. What about growth? Never mind, that never happened in the last 22 years.

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@FancyyCosmonautt last but not the least, I heard many saying - oh! it’s backed by jhunjhunwala… To all those mimicking this - chill! jhunjhunwala is not going to think, design or code. I don’t even think he has the acumen, sharpness, and intellect of being a tech investor. He is no Sean Parker who spotted Facebook and made it big.

  1. Only company in the segment , so will be Fancy!.The business model is not limited to building games but more than that and is diversified into 6 segments https://corp.nazara.com/?page_id=2878
  2. Zero Debt
  3. Potential Growth can be disruptive, they have track record of managing competition well, They have acquired several companies(6) and have been managing things well, all the company have huge subscriber base in abroad operating more than 50 countries!!
    Fun fact: For a sense of scale, it took Amazon more than 14 years—58 quarters after its May 1997 initial public offering—to make , cumulatively, as much profit as it produced in the latest quarter alone. Keep in mind that Amazon consistently lost money for its first several years as a public company, same with TSLA
  4. Potentially, Huge listing gains!!
  5. It will be Volatile Stock for sure
  6. Its creating a unique space of Professional Gaming competitions and shedding out huge prize money.
  7. These type of business models can be disruptive and can be Monopoly niche segment in few quarters.
  8. Today’s generation are more competitive in virtual space so demography is there
  9. The growth can’t be judged via Balance sheet(same type as Amazon,Tesla,Netflix etc.) as business model is disruptive.
  10. Market always rewards disruptive business model and NAZARA could be one potential.
  11. Its a High Risk High Reward for Long term bet.
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Amazon had sowed the seeds of AWS in just 2 years of starting operations that changed the Internet. And Tesla did so by investing in core technology i.e. battery, computer software and proprietary motor. You can’t compare with them.

Yes there would be so in short term. Look beyond when the dust settles.

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Yes, Its only because its has survived the business 20 long years!!! and able to capitalize on the idea , there are many examples if you read , long term survival of any business has always taken huge positive by the market even though huge Skepticism. 95% of business closes in 1st 3 years !!!

No body can predict what future holds,as i said its a 'High Risk High reward 'bet !

This I have to agree with you.


one request, going forward, possible to share a snapshot of positives and negatives as well like how Paytm sent this emailer?

@rupeshmandal Good insight on Balance sheet and Company: https://www.youtube.com/watch?v=pOGyVxFolzE

just need some help here. Applied thru zerodha UPI mandate. Applied once, status went from Apply->modify bid.
After sometime status is again Apply.
Did the same again. Now also status reverted to ‘Apply’.

What should be assumed here? application failed/UPI mandate didnt generate? did it get accepted twice?

Ok, I watched it. Still doesn’t change my mind. These TV shows are very scripted. Many a time the interviewees are told beforehand what the questions would be and so they can come prepared and so.

When I research a company, I do it in two parts - quantitative analysis and qualitative analysis. The balance sheet, etc takes care of the quantitive analysis but there is something that the numbers can’t capture for which I look for what their employees are talking about the company online, where the current employees worked before joining, where they joined after leaving the company (LinkedIn can help). Speaking to a few ex-employees to know the work culture, if possible visit their office premises and speak to the chaiwallah outside their gate. Observe the behavior, listen to their conversations. etc. All this is never captured in balance sheet reports.

Glassdoor review of Nazara below:

salary not given on time.

legacy issues. old-time people. lagging behind the learning curve.

Something unusual.

hiring and firing. low confidence in the CEO.

You could sense the work culture. You could find many such examples.
A company is nothing but a group of people coming together to achieve a common objective.

Those who are investing going by mere Rakesh Jhunjhunwala’s name must remember what happened with A2Z Infra which listed at Rs 400 something and today is valued at Rs 4.


Totally agree with your point , investor should not blindly follow ‘Rakesh Jhunjunwala’ name and should do there own research for fundamental analysis. I liked your qualitative approach.Thanks

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