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Anchor investors invest Rs 60 crore in Adlabs Entertainment; initial response to issue cold

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BENGALURU: Yesterday, a day before its IPO opened, anchor investors put in Rs 60 crore for the approximately Rs 470 crore Adlabs Entertainment IPO. Anchor investors - hedge fund under Edelweiss, mutual funds under Axis, L&T Fin, HDFC AMC and a fund under Daiwa brought in at the lower end of the Rs 221-230 price band.

Note: 100,00,000 =100 lakh = 10 million =  1 crore

The breakup of the anchor investor allotment is:

5,21,495 equity shares to Japan Trustee Services Bank A/C Japan Trustee Services Bank, STB Daiwa India Stock Active Mother Fund; 4,34,850 shares to HDFC Trustee Company Limited - HDFC Infrastructure Fund; 2,17,425 shares to Axis Mutual Fund Trustee - A/C Axis Mutual Fund A/C Axis Midcap Fund; 2,17,360 shares to Axis Mutual Fund Trustee - A/C Axis Mutual Fund A/C Axis Smallcap Fund; 4,52,530 shares to L&T Mutual Fund Trustee - L&T Equity Fund; 2,26,265 shares to L&T Mutual Fund Trustee - L&T India Special Situations Fund; 6,52,210 Shares to IL&FS Trust Company - Forefront Alternative Investment Trust - Forefront Alternative Equity Scheme.

The overall issue, including the anchor allotment portion, comprises 2.003 crore shares of which around a tenth is through an offer for sale by the promoters. Post the anchor investor allotment, Adlabs Entertainment has offered 1.76 crore shares to the public. The subscription period of the IPO is 10-12 March.

Day one today saw a poor response according to a report published in VC Circle, with just under three per cent subscription. The issue saw zero participation from institutional investors on the first day with HNIs & corporates bidding for seven per cent of their portion and retail investors pitching in with almost a similar participation for the shares reserved for them says the report.

As mentioned earlier, Adlabs Entertainment, the company that owns and operates Imagica-The Theme Park had proposed to open a public issue of up to 20,326,227 equity shares of face value of Rs 10 including a share premium per equity share on 10 March. 

The company has fixed the price band from Rs 221-230 per equity share. The issue comprises a fresh issue of 18,326,227 equity shares and an offer of sale of 2,000,000 equity shares by Thrill Park Limited. The minimum bid lot is 65 equity shares and in multiples of 65 equity shares thereafter.

The issue constitutes 25.44 per cent of the post-issue paid-up equity share capital of the company. Adlabs Entertainment, in consultation with the Global Co-ordinators and Lead Managers, will offer a discount of Rs 12 on the issue price to retail individual bidders. 

The issue is being made through the Book Building process wherein at least 75 per cent of the issue shall be allotted on a proportionate basis to Qualified Institutional Buyers (QIB), provided that the company and the selling shareholder may allocate up to 60 per cent of the QIB Potion to Anchor Investors on a discretionary basis. Anchor investors could bid on Anchor Investor Bidding Date, that is 9 March. 

The money raised through the Initial Public Offering (IPO) will be used for partial repayment/pre-payment of loans. As per the company, it currently is under a debt of Rs 1100 crore, and hopes to repay close to Rs 330-350 crore through the IPO.

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