Three years after first announcing its public listing plans in 2017, and 20 years after incorporation, Nazara is finally ready. The gaming company is fast approaching an IPO in India and media reports expect the company to file its draft red herring prospectus (DRHP) with SEBI soon. Exits are hard to come by in the Indian startup ecosystem, more so, a public listing. This means investors end up waiting for a long period of time to attain liquidity. In Nazara’s case too, one of the early investors, WestBridge Capital, has been on the company’s cap table since 2005 when it invested $3 Mn. The private equity fund saw a partial exit in 2017, which brought down the investment firm’s 60% stake in Nazara to 21%. Now with the IPO, WestBridge Capital is estimated to dilute its stake from the current 21% to about 3%-4%. So didn’t the delay in public listing worry WestBridge Capital? For Sandeep Singhal, the investment firm’s founder and MD, t...
Pre IPO | Private Equity | Unlisted Shares