Adlabs Entertainment plans to raise upto Rs 467 crore through its initial public offering that opens on March 10.
The company, which runs the Imagica amusement park near here, today said it has fixed a price band of Rs 221-230 per share.
The company said it is offering a discount of Rs 12 on issue price to all eligible retail investors.
Also Read
The Manmohan Shetty-promoted company will sell up to 2,03,26,227 equity shares of face value of Rs 10. The issue comprises a fresh issue of 18,326,227 equity shares and an offer for sale of 2,000,000 equity shares by Thrill Park Limited.
At the lower band of Rs 221, the issue will raise Rs 449.20 crore while at the upper band of Rs 230, the IPO will mop up Rs 467.50 crore. The IPO will close on March 12.
The minimum Bid lot is 65 equity shares and in multiples of 65 equity shares thereafter.
The issue constitutes 25.44 per cent of the post-issue paid-up equity share capital of the company. The issue is being made through the book building process wherein at least 75 per cent of the issue shall be allotted on a proportionate basis to qualified institutional buyers.
The proceeds of the IPO will be used partly to the company's debt, which now stands at Rs 1,100 crore.
"We are planning to retire Rs 350 crore debt after the IPO and the balance debt would be paid over a period of five-six years," Adlabs chairman Manmohan Shetty told reporters here.
The global coordinators and lead managers to the issue are Deutsche Equities and Centrum Capital and Kotak Mahindra Capital Company.
On his future plans, Shetty said: "We plan to develop two similar parks, one each in the NCR of Delhi and another in Hyderabad over next few years.
