INSUBCONTINENT EXCLUSIVE:
Nazara Technologies shares have more than doubled from the IPO price of Rs 1,101.Shares of the newly listed online gaming company - Nazara
Technologies - rose as much as 4.35 per cent to hit an intraday high of Rs 2,165.35 after its independent subsidiary NODWIN Gaming acquired
gaming and adjacent intellectual property (IP) business of OML Entertainment
NODWIN Gaming has agreed to buy the gaming and adjacent IP business of OML Entertainment for consideration of Rs 73 crore
"The transaction will provide partial liquidity to OML Entertainment shareholders, including CA Media
Ajay Nair, MD of OML Entertainment, will join the NODWIN Gaming board as part of this transaction and will work with Akshat Rathee, MD of
NODWIN Gaming and the NODWIN Gaming management team to ensure smooth integration of the OML IPs with NODWIN Gaming and help with growing
NODWIN Gaming's business," Nazara Technologies said in a press release."This acquisition taps into a growing synergy between the two
While NODWIN Gaming is known for its esports and gaming expertise
OML Entertainment is known for managing some of India's biggest gaming - entertainment creators such as Tanmay Bhat, Samay Raina, Suhani
and for owning and executing storied IPs such as the Bacardi NH7 Weekender," Nazara Technologies said."Today's youth demand an increasingly
diverse and engaging experience as the lines between gaming, esports, comedy and music become blurred, and gaming becomes more mainstream
This transaction allows NODWIN Gaming to massify gaming and esports by tapping into emerging synergies in gaming entertainment that a
14-30-year-old is looking for," the Mumbai-based company added.Nazara Technologies shares have more than doubled from the IPO price of Rs
1,101 to hit record high of Rs 2,239.90
Nazara Technologies, backed by ace investor Rakesh Jhunjhunwala, sold shares via initial public offering (IPO) between March 17-19 and the
issue was subscribed 175.46 timesAs of 11:48 am, Nazara Technologies shares traded 3.35 per cent higher at Rs 2,145.50, outperforming the
Sensex which was trading on a flat note.
