Nazara Technologies has received markets regulator Securities and Exchange Board of India's (SEBI) approval to raise funds through an initial public offering (IPO). The equity shares are proposed to be listed on BSE and NSE.
The issue will see sale of 5,543,052 equity shares by existing shareholders WestBridge Ventures Investment Holdings and Mitter Infotech. The listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders.
ICICI Securities and Edelweiss Financial Services will manage the company's IPO.
Nazara runs gaming subscription services to mass mobile internet users comprising largely of first time gamers across Africa, the Middle East, South East Asia, Latin America and the Indian subcontinent. The company is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.