On Thursday, the share price of the company rose 2% to its intraday high of ₹955.05 per share from its previous close of ₹936.75 after the company plans to raise ₹250 crores from the preferential issue of equity shares.
Nazara Technologies Limited, a gaming and sports media platform, plans to raise INR 250 crores through a preferential issue of up to 28.6 lakh equity shares at a price of ₹872.15 per share, according to Wednesday’s exchange filing.
Investors including Nikhil Kamath’s NKSquared, Kamath Associates, ICICI Prudential MF, and Plutus Wealth will participate. The funds will be used to help Nazara achieve its growth objectives, make strategic acquisitions, and for general corporate purposes.
This successful fundraise marks a significant milestone for Nazara and brings to a close the planned fundraise of ₹750 crores announced earlier in FY24.
Looking at Nazara Technologies Ltd’s financials, the net revenue increased by 12.5% year over year, from ₹264 crore in Q2FY23 to ₹297 crore in Q2FY24. Their revenue rose by 16% sequentially from ₹254 crore in Q1FY24 to the current levels.
Net profit of the company rose by 41% year over year, from ₹17 crores in Q2FY23 to ₹24 crores in Q2FY24. Their profit increased by 14.2% on a quarterly basis from ₹21 crore in Q1FY24 to the current levels.
Nazara Technologies Ltd has a market capitalization of ₹6,700 crores, the share price of the company rose by 38% in the last six months and 55% in the last year.
In addition, the company has a low debt-to-equity ratio of 0.03, with a good current ratio of 2.98 and a good quick ratio of 2.91.
The company promoters own 19% of the company, with foreign institutional investors owning 11%, the general public owning 61.4%, and domestic institutional investors owning 8.6%.
Nazara Technologies is the leading India-based diversified gaming and sports media platform with a presence in India as well as emerging and developed global markets such as Africa and North America, and offerings across interactive gaming, eSports, and gamified early learning ecosystems.
Written by Sriram KV
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