Nazara Technologies, the popular gaming, and e-sports company which is backed by renowned investor Rakesh Jhunjhulwala has made a blockbuster debut on the stock market, listing at a premium of nearly 81 percent (Rs 1,990) on its issue price of Rs 1,101 on the National Stock Exchange (NSE). On the Bombay Stock Exchange, it listed at Rs 1,971, or a 79.2 percent premium.

Nazara has become the first gaming company to list in India. The 10.82 percent stake ace investor Rakesh Jhunjhunwala holds in the company was worth Rs 656 crore at listing. In valuation terms, it has become his sixth-largest stock bet.

In a similar trend, the stock opened 80.74 percent higher at Rs 1,990 on the National Stock Exchange (NSE). With this, India-based sports media platform became the first gaming company to be listed on the stock exchanges. 

Meanwhile, the Rs 583-crore IPO received bids for 51,25,17,642 shares against 29,20,997 shares on offer. The promoters and current shareholders made an offer for sale (OFS) of up to 5,294,392 equity shares in the IPO. The promoters own 22.88 percent of the business at the moment. The promoter's stake will drop to 20.61 percent after the IPO.

Rakesh Jhunjhunwala, who owned 11.38 percent of the firm, was absent from the OFS. He had invested Rs 180 crore in the gaming firm in 2008. He also said that he would have made 20 private equity investments by far, but 10 of them turned out to be duds or were written off.

The global gaming industry size was pegged at $157.50 billion in 2020, while the size of the Indian gaming industry stood at merely $1.5 billion, roughly 25 percent of Bollywood.

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