Adlabs IPO opens, allots Rs. 60 cr worth shares to anchor investors
10/03/2015 14:42
Adlabs Entertainment that operates the Imagica amusement park announced that it has hit the market with its initial public offering with an aim to raise around Rs. 450 crore and it will close on March 12. It is offering 1.76 crore shares in a price band of Rs. 221 to Rs. 230 per equity share. The proceeds of the IPO will be used partly to reduce Adlabs' debt, which currently stands at Rs. 1,100 crore. A discount of Rs.12 each on issue price will be given to all eligible retail individual bidders. The company allotted shares worth Rs. 60 crore in order to anchor investors which comprise of funds operated by Daiwa, HDFC, Axis, IL&FS and L&T Mutual Funds ahead of its IPO. 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. Commenting on this, Manmohan Shetty, chairman and managing director, Adlabs Entertainment said, " 30 per cent of the interest will come down, 30 per cent of the debt will come down," The global coordinators and lead managers to Adlabs' public issue are Deutsche Equities and Centrum Capital and Kotak Mahindra Capital Company.
10/03/2015 14:42
Adlabs Entertainment that operates the Imagica amusement park announced that it has hit the market with its initial public offering with an aim to raise around Rs. 450 crore and it will close on March 12. It is offering 1.76 crore shares in a price band of Rs. 221 to Rs. 230 per equity share. The proceeds of the IPO will be used partly to reduce Adlabs' debt, which currently stands at Rs. 1,100 crore. A discount of Rs.12 each on issue price will be given to all eligible retail individual bidders. The company allotted shares worth Rs. 60 crore in order to anchor investors which comprise of funds operated by Daiwa, HDFC, Axis, IL&FS and L&T Mutual Funds ahead of its IPO. 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. Commenting on this, Manmohan Shetty, chairman and managing director, Adlabs Entertainment said, " 30 per cent of the interest will come down, 30 per cent of the debt will come down," The global coordinators and lead managers to Adlabs' public issue are Deutsche Equities and Centrum Capital and Kotak Mahindra Capital Company.
