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Nazara Technologies files IPO papers with Sebi

New Delhi, Feb 1 (PTI) Mobile games company Nazara Technologies has filed draft papers with markets regulator Sebi to float an initial public offering.

The company is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.

Nazaras public issue will see sale of 5,543,052 equity shares by the existing shareholders -- WestBridge Ventures Investment Holdings and Mitter Infotech, according to draft red herring prospectus (DRHP).

Explaining the rational behind the IPO, the company said that listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders.

"The listing will also provide a public market for equity shares in India," the company said.

ICICI Securities and Edelweiss Financial Services will manage the companys initial public offer (IPO). The equity shares are proposed to be listed on BSE and NSE.

In December, ace investor Rakesh Jhunjhunwala had acquired a minority stake in Nazara for about Rs 180 crore.

Nazara runs mobile gaming subscription services to mass mobile internet users comprising largely of first time mobile gamers across Africa, Middle East, South East Asia, Latin America and the Indian subcontinent. At present, it has operations in over 60 countries across emerging markets. PTI SP SBT

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