Motilal Oswal IPO report on Nazara Technologies
Nazara is well diversified with some of the most recognizable IPs under its kitty, viz., Kiddopia in gamified early learning (39% of revenue), Nodwin & Sportskeeda in eSports (32%), WCC & CarromClash in simulation games (5%), and Halaplay Technologies in real money games (3%), while Telco Subscription forms 21% of revenue. It enjoys leadership in eSports with 80% market share and cricket simulation games where WCC is India’s most awarded mobile game. It’s capabilities of in-house content creation, game engine development, technology stack development and relationships with other participants in gaming, would help in further penetration and increase monetization.
Valuation and Outlook
The issue is first of its kind listing and has no peer comparison in India. We believe that the market would like to give premium valuation to emerging growth stories like mobile gaming. We recommend Subscribe.
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