Sebi's observation is very necessary for any company to launch public issues like initial public offer (IPO), follow on public offer (FPO) and rights issue.
Gaming firm Nazara Technologies initial public offer was subscribed 10.55 times on Thursday, the second day of subscription.
The Rs 583 crore initial public offer received bids for 3,08,13,731 shares against 29,20,997 shares on offer, translating into 10.55 times subscription, as per NSE data.
The portion for qualified institutional buyers (QIBs) was subscribed 72 per cent, non institutional investors 7.73 times and retail individual investors (RIIs) 44.47 times.
The initial public offer is of 5,294,392 equity shares and is in a price range of Rs 1,100-1,101 per share.
Nazara Technologies on Tuesday mopped up a little over Rs 261 crore from anchor investors.
The company, backed by ace investor Rakesh Jhunjhunwala, is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series.
Explaining the rational behind the IPO, the company said that listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders.
The listing will also provide a public market for equity shares in India. The equity shares are proposed to be listed on BSE and NSE.
ICICI Securities Limited, IIFL Securities Limited, Jefferies India Private Limited and Nomura Financial Advisory and Securities (India) Private Limited are managing the offer.
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