India's Nazara Technologies is reportedly planning an IPO by the end of the financial year that could value it at as high as $550 million (35 billion rupees).

As reported by the India Times, sources familiar with the IPO claim that Nazara will look to sell $157 million (10 billion rupees) worth of shares. The company's valuation is likely to be between $470 million and $550 million.

The move would make Nazara the first games company in India to go public.

The flotation would also give main investor WestBridge Capital a partial exit. The firm holds a 55% stake in the company after investing a total of $3 million in 2005 and 2007.

First to launch

"The company is planning to finish the listing process by end of March 2018, and is expecting a valuation of 30 to 35 times projected profit after tax (PAT) of 100 million rupees in FY19," said one of the sources.

Nazara has recently spent time investing in other companies and ventures, including local developer Moong Labs Technologies. It also has plans to invest $20 million into an eSports league for India.

It joins Rovio in the growing list of developers planning IPOs over the coming months. The Finnish developer is looking to sell $36 million worth of new shares in its offering.