Nazara Technologies, backed by ace investor Rakesh Jhunjhunwala, is India's first gaming company to get listed on the bourses. The company, which has set a price band of Indian rupees 1,100-1,101 a share for the IPO, aims to mop up over Rs 580 crore from investors.

The IPO was subscribed 1.28 times till 12.20 pm, according to data put out by the National Stock Exchange (NSE). The promoters of the gaming firm are offering 5.29 million shares, or 16.7 percent stake to equity investors.

While retail investors put in three times more bids than the reserved portion, the tranche kept for non-institutional investors was subscribed 12 percent till 12.20 pm. And at the end of Day 1, the IPO was subscribed four times, the NSE data revealed.

One of the two main stock exchanges of India, NSE has a total market capitalisation of over USD 2.27 trillion. It's flagship index, NIFTY 50, a 50-stock index, is used by investors to gauge the Indian equity market.

India's top brokerage houses have a "buy" rating on the stock.

"We like Nazara given its leadership in highly under-penetrated mobile gaming, wide product portfolio and strong relationship and network. Nazara is expected to witness strong growth for next 2-3 years," Motilal Oswal said in a note to its clients.

"The issue is the 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," the firm added.

Aditya Birla Capital, another brokerage firm, said, "The gaming industry is set to witness 30 percent CAGR over 2020-2023 on the back of high mobile penetration, rising internet penetration and increasing number of gamers. Nazara offers strong growth visibility."

CAGR or compound annual growth rate indicates what an investment yields on an annually compounded basis.

While the global gaming industry size stood at USD 157.5 billion as of 2020 -- growing at a CAGR of 11 percent over year 2017-2020 -- the Indian gaming industry witnessed a CAGR of 29 percent to USD 1.5 billion over the same period, according to a report.

Nazara is a diversified gaming and sports media platform with pan-India presence and also across emerging and developed countries. Over the last three financial years, the company has entered newer business segments like eSports, gaming and Fantasy Sports.