Nazara makes strong debut, closes with a gain of 43%

Mumbai: Mobile gaming company Nazara Technologies made a strong debut on the bourses on Tuesday with the stock ending 43 per cent over its initial public offer (IPO) price. The stock had listed at Rs 1,971 on the BSE, 81 per cent over the issue price of Rs 1,101 and went on to top the Rs 2,000-mark. It ended the session at Rs 1,576.80.

The stock’s first-day performance is better than that of recent stock market debutants. Anupam Rasayan, Craftsman Automation and Kalyan Jewellers, which had hit the primary market around the same time as Nazara, had listed below their issue prices. The Rs 583-crore IPO of the Rakesh Jhunjhunwala-backed company was subscribed over 175 times earlier this month.