Adlabs Ent IPO subscribed 0.03 times on first day of offer

The initial public offer of theme park operator Adlabs Entertainment has been subscribed 0.03 times on the first day of the offer today.
The Rs 400-crore IPO 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 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 0.06 times and retail investors portion received 0.15 times subscription.
Adlabs Entertainment has allotted shares worth Rs 60 crore to anchor investors including funds operated by Daiwa, HDFC, Axis, IL&FS and L&T Mutual Funds.

The company allotted a total of 27.22 lakh equity shares to the anchor investors last night at a price of Rs 221 each, aggregating to Rs 60 crore.

The overall issue, including the anchor investor operation, 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.