Nazara IPO to be India gaming industry first

Mumbai-based mobile gaming company, Nazara Technologies is set to be part of India’s first public listing in the gaming space.

The Rs 10 billion (US$156.6 million) IPO is aimed for the end of March 2018, according to sources.

It is expecting a valuation of 30-35 times projected profit after tax (PAT) of Rs 100 crore in FY19,“ added the source.

Founded in 2000, Nazara is known for its Chhota Bheem game. It has expanded globally over the last decade to 74 countries. It is also looking to expand from its focus in the casual mobile gaming space, to going into areas such as esports, and real money skill-based gaming.

Nazara is expected to be valued at around Rs 3,000 - 3,500 crore.

Private equity firm WestBridge Capital currently owns a 55 percent stake, while the rest of the shares are owned by founder Nitish Mittersain.

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