Nazara Technologies plans to raise Rs 583 crore through an initial public offer (IPO) that opens March 17. The issue comprises of offer for sale of upto 5,294,392 crore shares that represents 16.7% stake in the company. The shares are in the proce band of Rs 1100-1101. However, the company does not wish to raise any fresh capital through this issue.

Mitter Infotech LLP holds 20.57% stake in the company, followed by Arpit Khandelwal (12.51%) and Rakesh Jhunjhunwala (11.38%). According to reports, Mitter Infotech LLP will be selling 691,900 equity shares, however, the remaining two will not be participating in the offer for sale.

According to media reports, bids can be made for a minimum of 13 equity shares and in multiples of 13 thereafter.

In India, Nazara Technologies has no comparable listed peers. However, Zynga, an international gaming company, trades at 5.6 times revenue.

Nazara Technologies, India’s first online gaming company, over the last 3 fiscal years, entered newer business avenues – eSports, gaming – World Cup cricket, HalaPlay – Fantasy Sports – with high chances of steep growth through the inorganic route.

A Money Control report says that global gaming industry size were estimated at $157.5 billion as compared to the accumulated size of movies + music, which was $97 billion.

However, the Indian gaming industry has grown at a CAGR of 29% in the same period.