Shares of Nazara Technologies, the country’s first publicly traded online games company, fell a day after making an exceptional debut on the stock exchange. Shares of Nazra Technologies fell 10% to an intraday low of Rs 1,432 on the National Stock Exchange. The headline from yesterday’s session opened for trading at Rs 1,971 on the BSE, a premium of 79.02 percent over the issue price of Rs 1,101. On the NSE, the shares listed with a premium of 80.74 percent at Rs 1,990.
Nazara Technologies’ public offering was subscribed 175.46 times, according to subscription data on exchanges. The portion reserved for retail investors was subscribed 75.29 times, the portion for non-institutional investors was subscribed 389.89 times and the segment of qualified institutional buyers attracted 103.77 subscriptions.
The company had raised Rs 583 crore through its public offering, which was an offer for sale by shareholders.
Nazara Technologies operates in various segments including subscription businesses, e-sports, gamified early learning and gambling. It is present across India and in global markets such as Africa and North America. Nazara Technologies is backed by investor Rakesh Jhunjhunwala.
At 10:55 am, shares of Nazra Technologies were trading 2.2% lower at Rs 1,557, underperforming Nifty which was down 0.73%.