Mumbai : Amusement theme park operator Adlabs Entertainment has raised Rs 60 crore from anchor investors ahead of its initial public offering (IPO), which opens today.
The company in a statement said that it has allotted 2.72 million shares to five investors, which include Daiwa India, HDFC Infrastructure Fund, Axis Mutual Fund, L&T Mutual Fund and IL&FS.
Anchor, or cornerstone investors, are institutional investors which are given allotment on a discretionary basis just before the opening of the IPO to install confidence in the issue. Shares allotted to anchor investors have a lock-in for 90 days.
The shares were allotted at the lower end of its IPO price band of Rs 221 and Rs 230 per share. The company is offering an additional discount of Rs 12 per share to retail investors, who will have 10% reservation.
Adlabs Entertainment is looking to raise more than Rs 450 crore from its IPO, which will remain open till 12th March.
Imagica – The Theme Park is a part of Adlabs Mumbai, a ‘one-stop’ entertainment destination that the Company offers at this location. Adlabs Mumbai also includes Aquamagica, a water park, which became fully operational on1st October 2014; and a family hotel, Novotel Imagica Khopoli (managed by Accor Group), the first phase of which is expected to be completed by March 2015.
Adlabs Mumbai, spread over an aggregate area of approximately 132 acres, is located at Khalapur, which is 74 kilometres from Mumbai, off the Mumbai – Pune Expressway. Until 31st December 2014, over 1.56 million guests have visited Imagica and Aquamagica.
With addition of the water park, the soon-to-be-launched hotel and the snow park, the Company believes it will be able to enhance guest experience at Adlabs Mumbai and position Adlabs Mumbai as a wholesome entertainment destination.
