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Wonderla Holidays likely to float an IPO; plans to raise Rs 200 crore

03 Oct 2012 Evaluate

Kerala-based Wonderla Holidays, part of V-Guard Group company, is planning to go for an initial public offer (IPO), to partly fund its Rs 230 crore amusement park to be set up in Hyderabad. The promoters are expected to dilute 25% of equity. The venture would however, be the company's third after its amusement-park-cum hotel in Bangalore and an amusement park in Kerala.

With this IPO, the company is planning to raise around Rs 200 crore, 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 drawing up plans for another major project in Kerala estimated at a cost of around Rs 780 crore. The promoters had made a presentation of the project at the recently held Emerging Kerala event in Kochi.

Moreover, the Kerala expansion, awaiting Government clearance, will include an infotainment-cum-science park, a business and leisure zone, and an education-cum-residential zone. The company is also looking for land near Chennai for a similar project.
 

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