Shares of Imagicaaworld Entertainment are rallying in trade on Wednesday following the company's announcement of a new park in Hyderabad. The stock is trading at Rs 43.5, accounting for gains of more than 4% compared to Tuesday's closing price of Rs 41.75.
In an exchange filing on Tuesday, Imagicaa Entertainment confirmed the firm will come up with Hyderabad's first Hello Park. The company has signed a letter of intent for the same, and the project will be managed by its wholly-owned subsidiary Imagicaa Next Pvt. Ltd.
The Hello Park will be located in Lake Shore Y Junction in Hyderabad, spanning approximately 10,000 square feet, and is targeted to open before the onset of the year-end festive season.
This marks the first location for the Hello Park chain in India, with Imagicaa planning to roll out multiple such parks across key locations in the coming years.
Hello Park is an immersive indoor entertainment concept designed to blend physical play, digital interactivity and experiential entertainment in a safe and engaging environment, according to the company's press release.
This also marks Imagicaa Entertainment's entry into South India. While the company already has three establishments in Maharashtra, one in Gujarat and one in Madhya Pradesh, this will be the first park located in South India.
This is quite consequential as it would pit Imagicaa with a direct peer in the form of Wonderla Holidays, which dominates South Indian markets. Wonderla has a total of operational parks in the country, four of which are located in South India and one of them is located in Hyderabad itself.
Hyderabad, therefore, becomes the first city in India where Imagicaa and Wonderla - two of the nation's biggest listed players in this sector- will both have establishments and compete with each other.
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