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Adlabs Lowers Price Band For IPO, Extends Closure Date

Friday, March 13, 2015
By A Business Reporter

Theme park operator Adlabs Entertainment yesterday lowered its IPO price band to Rs 180-215 per share and extended the issue closure date to March 17, amid tepid response from institutional investors. The issue portion reserved for retail investors has already been fully subscribed.

"The issue closure date has been extended upto March 17, 2015. Post issue modification date has been revised to March 18, 2015. Price band has been revised from Rs 221-230 to Rs 180-215 per share," as per a notice at the NSE.

Bankers said that the price revision, accompanied with the extension of the issue period, will make the issue pricing more investor friendly and will enable a wider set of investors, including institutional and non-institutional investors to participate in the issue.

The issue which had opened for subscription on March 10, for sale of 1,76,04,092 shares, received bids for 75,66,000 shares, or 43%. As per data available at the NSE till yesterday, retail investors' portion was subscribed 35%. The portion reserved for qualified institutional buyers (QIBs) was subscribed 18% and non institutional investors received 9% subscription. The overall issue, including the anchor investor portion, 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 Pvt. Ltd, Centrum Capital Ltd and Kotak Mahindra
Capital Company Ltd are the book running lead manager to the issue.

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