Kerala-based Wonderla Holidays, a V-Guard Group company, plans to go in for a public issue, to part fund its new amusement park being set up in Hyderabad at an estimated cost of Rs 230 crore.

The company has appointed merchant bankers to advice on the proposed issue.

Confirming the IPO plans, a company official said the promoters proposed to dilute 25 per cent equity.

This will be the third project of Wonderla which already operates an amusement-park-cum hotel in Bangalore and an amusement park in Kerala.

The company plans to raise around Rs 200 crore through the IPO, which is likely to hit the market in the first quarter of next year. The Hyderabad project is expected to be ready by September 2014. The company has acquired 50 acres of land near the Hyderabad airport and hopes to begin the project work shortly.

The company is also looking for land near Chennai for a similar project, the official said.

Wonderla also is drawing up plans for another major project in Kerala estimated to cost around Rs 780 crore. The promoters had made a presentation of the project at the recently held Emerging Kerala event in Kochi.

The company expects a 20 per cent growth in revenue in the current year.

The Kerala expansion, awaiting Government clearance, will include an infotainment-cum-science park, a business and leisure zone, and an education-cum-residential zone.

kurup.nk@thehindu.co.in

(This article was published on October 2, 2012)
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