Adlabs Ent IPO opens, co gets Rs 60 cr via anchor portion

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->

The Rs 470-crore public issue of Adlabs Entertainment has opened for subscription today. The company, which runs an amusement park - Adlabs Imagica, is going to issue 203.26 lakh equity shares at a price band of Rs 221-230 apiece. The issue, which will close on March 12, consists of a fresh issue of 183.26 lakh shares and an offer for sale of 20 lakh shares by Thrill Park. Adlabs, promoted by Manmohan Shetty (the former promoter of Adlabs Films) and Thrill Park, intends to utilise the net proceeds (fresh issue money) for partial repayment or pre-payment of the consortium loan and general corporate purposes. Consortium loan stood at Rs 1,100 crore and the company will use Rs 330 crore for repayment of this loan. “We believe that such repayment/ pre-payment will help reduce outstanding indebtedness and debt-equity ratio,” says the company. Post issue, the promoters shareholding will decrease to 57 percent from 77 percent. Adlabs on Monday raised Rs 60.16 crore by finalising allocation of 27,22,135 equity shares to anchor investors Daiwa India Stock Active Mother Fund, HDFC Infrastructure Fund, Axis Mutual Fund, L&T Mutual Fund and IL&FS Trust Co (Forefront Alternative Equity Scheme) at Rs 221 per equity share (at lower end of price band). The company allocated: -5,21,495 equity shares to Japan Trustee Services Bank A/C Japan Trustee Services Bank, STB Daiwa India Stock Active Mother Fund; -4,34,850 shares to HDFC Trustee Company Limited - HDFC Infrastructure Fund; -2,17,425 shares to Axis Mutual Fund Trustee - A/C Axis Mutual Fund A/C Axis Midcap Fund; -2,17,360 shares to Axis Mutual Fund Trustee - A/C Axis Mutual Fund A/C Axis Smallcap Fund; -4,52,530 shares to L&T Mutual Fund Trustee - L&T Equity Fund; -2,26,265 shares to L&T Mutual Fund Trustee - L&T India Special Situations Fund; -6,52,210 Shares to IL&FS Trust Company - Forefront Alternative Investment Trust - Forefront Alternative Equity Scheme. The minimum bid lot is 65 equity shares and in multiples of 65 equity shares thereafter. The issue constitutes 25.44 percent of the post-issue paid-up equity share capital of the company. The company in consultation with the global co-ordinators and lead managers, offered a discount of Rs 12 on the issue price to retail individual bidders. The issue is being made through the book building process wherein at least 75% of the issue shall be allotted on a proportionate basis to qualified institutional buyers, provided that the company and the selling shareholder may allocate up to 60 percent of the QIB portion to anchor investors on a discretionary basis. Further, not more than 15 percent of the issue shall be available for allocation on a proportionate basis to non-institutional bidders and not more than 10 percent of the issue shall be available for allocation to retail individual bidders. The equity shares are proposed to be listed on BSE and NSE. The global co-ordinators & lead managers to the issue are Deutsche Equities India Private Limited, Centrum Capital Limited & Kotak Mahindra Capital Company Limited.