 "Adlabs Entertainment raises Rs 60 cr from anchor investors")
Amusement theme park operator Adlabs Entertai-nment has raised Rs 60 crore from anchor investors ahead of its initial public offering (IPO), which opened on Tuesday.
The company said it had allotted 2.72 million shares to five investors—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 an IPO, to instill 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 a share. The company is offering an additional discount of Rs 12 per share to retail investors, who will have 10 per cent reservation. About 75 per cent of the issue will be reserved for institutional investors, while the rest 15 per cent will be for high net worth investors (HNIs).
Adlabs Entertainment is looking to raise about Rs 450 crore from its IPO, which will remain open till on Thursday. On Day 1, the issue had received only three per cent subscription. The IPO received bids of 443,885, against 17.6 million on offer.
The company said it had allotted 2.72 million shares to five investors—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 an IPO, to instill 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 a share. The company is offering an additional discount of Rs 12 per share to retail investors, who will have 10 per cent reservation. About 75 per cent of the issue will be reserved for institutional investors, while the rest 15 per cent will be for high net worth investors (HNIs).
Adlabs Entertainment is looking to raise about Rs 450 crore from its IPO, which will remain open till on Thursday. On Day 1, the issue had received only three per cent subscription. The IPO received bids of 443,885, against 17.6 million on offer.
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