Market regulator, the Securities Exchange Board of India has given nod to go-for with the initial public offerings for the Nazara Technologies, a mobile gaming company, reports from PTI.
The Company is popularly known for its range of games series which include Chhota Bheem, World Cricket Championship and Motu Patlu.
The Company, which previously filed the draft papers with the market regulator on February 1, to launch an IPO, received its "observations" on April 20, as per the update.
All the companies in India require the SEBI's observations to launch public issues like initial public offering (IPO), follow-on public offer (FPO) and rights issue.
Nazara's public issue will see the issue of 5,543,052 equity shares by the existing shareholders of the company, WestBridge Ventures Investment Holdings and Mitter Infotech.
The company sees that the listing of equity shares in the market will enhance its brand name apart from providing the necessary liquidity to its existing shareholders.
"The listing will also provide a public market for equity shares in India," the company said.
ICICI Securities and Edelweiss Financial Services will manage the company's IPO issue. The equity shares are proposed to be listed on both the BSE and NSE.
The company provides gaming subscription services to mass mobile internet users constituting various countries including Africa, Middle East, South East Asia, Latin America and India. It is currently operating in more than 60 countries across the developing markets.