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Adlabs Entertainment extends issue closure date to March 17; lowers IPO price band

13 Mar 2015 Evaluate

Adlabs Entertainment has 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 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 per cent, till March 12, 2015. The retail investors’ portion was subscribed 35 per cent. The portion reserved for qualified institutional buyers (QIBs) was subscribed 18 per cent and non institutional investors received 9 per cent 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.

Deutsche Equities India Private, Centrum Capital Limited and Kotak Mahindra Capital Company are the book running lead manager to the issue.

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