Adlabs Entertainment that operates the Imagica amusement park near Mumbai on Tuesday hit the market with its IPO or initial public offering to raisearound Rs 450 crore. Adlabs allotted shares worth Rs 60 crore to anchor investors including funds operated by Daiwa, HDFC, Axis, IL&FS and L&T Mutual Funds ahead of its IPO on Monday night.
Adlabs allotted a total of 27.22 lakh equity shares to the anchor investors at a price of Rs 221 each, aggregating to Rs 60 crore.
The Adlabs IPO kicked off on Tuesday morning and would close on March 12. Adlabs is offering 1.76 crore shares in a price band of Rs 221 to Rs 230 per equity share. A discount of Rs 12 each on issue price will be given to all eligible retail individual bidders.
The proceeds of the IPO will be used partly to reduce Adlabs' debt, which currently stands at Rs 1,100 crore.
" 30 per cent of the interest will come down, 30 per cent of the debt will come down," Manmohan Shetty, chairman and managing director, Adlabs Entertainment told NDTV.
The global coordinators and lead managers to Adlabs' public issue are Deutsche Equities and Centrum Capital and Kotak Mahindra Capital Company.
The anchor investors that got the shares include Daiwa India Stock Active Mother Fund, HDTC Infra Fund, Axis MF, L&T MF, Mutual Fund and IL&FS Trust Co (Forefront Alternative Equity Scheme).
(With PTI inputs)
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