Subscribe to Nazara Technologies: KR Choksey

KR Choksey IPO report on Nazara Technologies

Nazara Technologies Limited (“Nazara”) is primarily engaged in offering interactive games, gamified learning and new age Sports media and gaming subscription to the consumer base in India and other emerging markets and developed markets like north America. The company is a leading diversified gaming and sports media platform with presence in India and across emerging and developed global markets, with offerings across interactive gaming, eSports and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin and Sportskeeda in eSports and eSports media, and Halaplay and Qunami in skill-based, fantasy and trivia games. Given its market-first position in India across sports simulation and eSports (Source: Frost & Sullivan), Nazara is well-placed to leverage the opportunity that interactive mobile games, eSports content and gamified early learning apps offer. Its efforts has been to grow revenue and profitability concurrently by leveraging its capabilities of in-house content creation, game engine development, technology stack development, its relationships with other participants in gaming ecosystems and its skilled leadership. Business operations comprise of offerings in gamified early learning, eSports, telco subscription games, freemium mobile games and skill-based, fantasy and trivia real money games. The company’s IPO is entirely an offer for sale of ₹ 5.82 bn to ₹ 5.83 bn, with a post-issue market capitalisation of ₹ 33.50 bn to ₹ 33.53 bn.

Valuation and Outlook

We recommend a SUBSCRIBE to the issue, with the potential for healthy listing gains as well as long term stock price appreciation in light of strong long term growth potential in online gaming, both in India and globally.

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