Adlabs gets Sebi go-ahead for initial public offer

Adlabs Entertainment has received capital market regulator Sebi's approval to raise funds through an initial public offer (IPO).
The company had filed its draft red herring prospectus (DRHP) with Sebi in May, this year, for the proposed public offer. The document was filed by Deutsche Equities India Private Ltd, which is the lead manager for the issue.
The Securities and Exchange Board of India (Sebi) had issued its final observations on the draft offer document on October 13, which is necessary for companies to launch any public offer.
Adlabs Entertainment runs amusement park -- Adlabs Imagica. Located on the Mumbai-Pune expressway, the park was built by film producer and director Manmohan Shetty.

The regulator had received the draft offer documents on May 22, 2014 through its lead manager. The company has proposed a public issue of 2.3 crore equity shares of face value of Rs 10 each.
The issue comprises a fresh public issue of up to 2.3 crore shares and an offer for sale of up to 20 lakh shares by the promoter Thrill Park Ltd.

The company intends to deploy the funds raised from the fresh issue for payment of loans and general corporate purposes.
Besides, the company is considering a pre-IPO placement of up to three lakh equity shares for an amount not exceeding Rs 80 crore.

The equity shares are proposed to be listed on the Bombay Stock Exchange as well as the National Stock Exchange.
The company is proposed to be listed on the National Stock Exchange (NSE) and BSE.