Nazara Technologies IPO

Apply 1
Avoid 0

It is one of the leading mobile games company headquartered in Mumbai, which is engaged in the acquisition of, value addition to and distribution, of mobile games across emerging markets such as India, Middle East, Africa, South East Asia and Latin America.

The Company operations comprise of a Subscription businessFreemium business, and Esports business.

The Company independent subsidiaries are Next Wave MultimediaNODWIN GAMING and their investee companies include Hashcube Inc., Mastermind Sports Limited, Moonglabs Technologies Private Limited and HalaPlay Technologies Private Limited.

Nazara has diversified business models and comprises of Subscription, Freemium, eSports, Skill-Based Gaming in India and Chance based Gaming business in Kenya, Africa.

a) SubscriptionUnder this model, they depend upon telecom companies in India. Telecom companies offer gaming subscriptions to their subscriber base, which focussed on offering easy to play games. To address the low propensity to pay, the subscription services were offered through sachet pricing, with daily, weekly and monthly subscriptions and payment were collected by the Telecom carriers and they shared on average 50% revenue to the service providers like Nazara.

b) Freemium: Under this model, the company develops popular games and upload them on play and app store, from where it can be easily downloaded for free by mobile users. Users while using these games come across ads. These ads are the revenue source for Nazara Tech. So more popular the game, the more will be the revenue.

c) Play and Win: These are skill-based games where players compete against other players and win cash. The subscribers pay for playing games. This is how Nazara Tech earns revenue. Ex: sports fantasy

d) E-Sports or Competitive gaming Under this model, amateur players watch the live stream of the match being played by the professional players on OTT platforms & listen to live commentary. This is a very new concept. Let us understand this in detail. We all watch a live cricket match on TV or OTT platforms like Hotstar.  The company like Star Sports buys live streaming rights of a cricket match from the company/board who is organizing cricket. This is how the company/board who is organizing cricket earns revenue. Star Sports then earn from ads etc. Now imagine, a game like PUBG, played by professionals in the indoor stadium and live streaming is shown on television or the OTT platform. Imagine you are sitting at home watching live games. This is the new concept that is picking up with a lot of pace in India. The company like Nazara will organize such games and sell media rights to players like Star Sports and earn revenue. Nazara Tech is aiming to make a battery of these games which can be played by professionals. eSports is the fastest growing sports entertainment format among competitive gamers and Nazara has over 80% share of the Indian market through its majority stake in Nodwin.

Key Strengths and Growth in Future:

a) The company believes their ability to understand local gamer behavior in designing games and innovatively incorporating local, licensed, intellectual property to drive the growth of our network of games is one of our key strengths.

b) Their localized gamer insights are reflected in the popularity of some of their mobile games on the Google Play Store, such as, ‘World Cricket Championship 2’, ‘Chhota Bheem Race’, and ‘Motu Patlu Game’.

c) They believe that Nodwin Gaming is one of the leading enablers in the Indian Esports market with a first-mover advantage. In addition to hosting and managing IP based gaming events such as the ESL India Premiership and Dew Arena by ESL, Nodwin Gaming also partners with other brands to create multiple gaming events intellectual properties in India, such as Mountain Dew Arena, Indian Gaming Show and Asus ROG Masters.


Click here to open your account in Upstox and join our exclusive WhatsApp group for all IPO & buyback-related discussions where all your doubts like whether to apply in an IPO, when to sell etc. will be answered by our IPO experts.


Objects of the Nazara Technologies IPO:

Nazara Technologies IPO is purely an OFS(Offer for Sale). Under this IPO, the company's existing shareholders are selling up to 5,294,392 Equity Shares.

Nazara Technologies IPO Details:

Open Date: Mar 17 2021
Close Date: Mar 19 2021
Total Shares: 5,294,392
Face Value: ₹ 4 Per Equity Share
Issue Type: Book Building
Issue Size: 581 Cr.
Lot Size: 13 Shares
Issue Price: ₹ 1100-1101 Per Equity Share
Listing At: NSE,BSE
Listing Date: Mar 30 2021

Promoters And Management:

Promoters of Nazara Technologies Limited Company are: 1. Mr.Vikash Mittersain is the Chairman and Managing Director of our Company. He has been associated as Director of the Company since its incorporation. He holds a diploma in industrial electronics from Walchand College of Engineering, Sangli. He has 38 years of experience in multiple business sectors. He is a member of Advisory Board on Dr. APJ Abdul Kalam Centre, Lucknow. He is also the founder and president of India Business Group. He has been part of various panel discussions and conferences including the sessions at VESIM Literati and Innovators Pitching Session at Maker Mela 2018. 2. Mr.Nitish Mittersain is the Joint Managing Director of our company. He holds a bachelor of commerce degree from the University of Mumbai. He founded our Company in 1999 and has been associated in the promotion of our Company for the last 18 years. He was selected as a member of the Young Presidents’ Organization in 2014 and he has been the recipient of many awards including the Visionary Award from the Vision Foundation in 2012, the Young Achievers Award from the Indo American Society in 2000 and the Outstanding Young Person Award from Junior Chamber International, Marine Lines in 2017. He is also a member of the MEF Asia Board.

Financials of Nazara Technologies IPO:

( Fig. in Crores )
Year Revenue Expense OPM(%) PAT NPM(%) Shares EPS
2017 202 130 36% 61 30% 0.19 24
2018 180 131 30% 1.2 1% 2.69 1.08
2019 183 173 13.40% 4.2 2.20% 2.74 1.53
2020 262 286 3.8% -25 NA 2.79 -0.18
6MFY21 207 194 6% -10 NA 2.86 -3.5

Comparison With Peers:

There are no listed peer in the market.

Recommendation on Nazara Technologies IPO:

Review and Recommendation of InvestorZone are 6/10 1. This will be the first gaming company to be listed in India. That will attract lot of investors. 2. The gaming is at very nascent stage in India. Huge opportunity is available to exploit for companies like Nazara. 3. Recent investment by PUBG owner in Nodwin, subsidiary of Nazara Tech, is the testimony of the fact that e-sports is going to be a huge success in coming time. 4. Company is driven by a very good management team.

Registrar of Nazara Technologies IPO:

  1. Link Intime India Private Limited

Company Address:

Nazara Technologies Limited 51-57, Maker Chambers 3, Nariman Point Mumbai 400 021, Maharashtra, India Phone No. +91 22 40330800 Fax No. +91 22 22810606 E-mail: website

Discussion on Nazara Technologies IPO:


Leave a Reply