Shares of Nazara Technologies, the country’s first online gaming company to get listed on exchanges, fell a day after making a bumper stock market debut. Nazra Technologies shares declined as much as 10 per cent to hit an intraday low of Rs 1,432 on the National Stock Exchange. The stock in yesterday’s session opened for trading at Rs 1,971 on the BSE, a premium 79.02 per cent compared to the issue price of Rs 1,101. On the NSE, the shares listed at a premium of 80.74 per cent at Rs 1,990.
Nazara Technologies public offer was subscribed 175.46 times, according to subscription data on the exchanges. The portion set aside for retail investors was subscribed 75.29 times, non-institutional investors’ portion was subscribed 389.89 times and qualified institutional buyers segment attracted 103.77 subscription.
The company had raised Rs 583 crore through its public issue, which was an offer for sale by shareholders.
Nazara Technologies operates in various segments, including subscription-based business, eSports, gamified early learning and money gaming. It has a presence across India, and in global markets such as Africa and North America. Nazara Technologies is backed by ace investor Rakesh Jhunjhunwala.
As of 10:55 am, Nazra Technologies shares were trading 2.2 per cent lower at Rs 1,557, underperforming the Nifty which was down 0.73 per cent.