Adlabs Entertainment Ltd, which operates the Imagica and Aquamagica theme parks near Mumbai, plans to raise up to ₹467 crore through an initial public offering that opens on March 10.
It will issue 2.03 crore equity shares of face value of ₹10 each at a price band of ₹221-230. The offer includes an element of an offer for sale for 20 lakh shares by Thrill Park Ltd. The promoters are Manmohan Shetty, Chairman of Adlabs, and Thrill Park Ltd.
The issue constitutes 25.44 per cent of the post-issue paid-up equity share capital of the company. At least 75 per cent of the issue will be allotted on a proportionate basis to qualified institutional buyers while 10 per cent will be available to retail individual bidders at a discount of ₹12 to the issue price. The minimum bid lot is 65 shares and thereon in multiples of 65. The issue closes on March 12.
The proceeds from the fresh issue will be used to repay debt of about ₹350 crore. The company currently has debt of ₹1,086 crore on its books.