Adlabs Ent IPO starts on weak note; gets only 3 pc bids

The initial public offer of theme park operator Adlabs Entertainment today began on a weak note with a meagre subscription of 3 per cent on the opening day.
The Rs 400-crore IPO, excluding the shares allotted to anchor investors, received bids for 4,98,420 shares against the total issue size of 1,76,04,092 shares, data available with the NSE showed.
The anchor investors were allotted shares worth Rs 60 crore but at the lower end of the price band.
The public issue began this morning and would close on March 12, wherein the company is offering 1.76 crore shares in a price band of Rs 221 to Rs 230 per equity share.

The category for non institutional investors was subscribed 6 per cent and retail investors' portion received 15 per cent subscription. A discount of Rs 12 each on issue price will be given to all eligible retail individual bidders.
The company allotted a total of 27.22 lakh equity shares to the anchor investors, including funds operated by Daiwa, HDFC, Axis, IL&FS and L&T Mutual Funds, last night at a price of Rs 221 each, aggregating to Rs 60 crore.

The overall issue, including the anchor investor portion, is sale of up to 20,326,227 equity shares, which includes a fresh issue of 18,326,227 equity shares and an Offer for Sale of 20 lakh shares by promoter entity Thrill Park Limited.

Adlabs Entertainment is promoted by Manmohan Shetty and Thrill Park.
Deutsche Equities India Private Limited, Centrum Capital Limited and Kotak Mahindra Capital Company Limited are the book running lead manager to the issue.
The company owns and operates Imagica, one of the leading theme parks in India. The company's portfolio also includes Aquamagica, a water park that became fully operational last year, and family hotel, Novotel Imagica Khopoli, the first phase of which is expected to be completed this month.