India's Adlabs Imagica raises $8m from NYLIM, Jacob Ballas
Indian theme park operator Adlabs Entertainment has raised INR500 million ($8.18 million) in a pre-IPO round of investment from NYLIM Jacob Ballas India, a vehicle co-owned by New York Life Insurance Company and Jacob Ballas Capital.
Adlabs Entertainment owns theme park brand Adlabs Imagica. The company's flagship property is in Khopoli, on the Mumbai-Pune expressway, which opened in April this year. The park is spread over 300 acres and has around 21 rides at present.
The firm got approval for its IPO from the Securities and Exchange Board of India last week. It filed for the offering back in May and is lookiing to raise as more than INR4 billion. According to the draft red herring prospectus, the company wants to sell 23 million shares, including 2 million shares offered by the promoters.
The capital raised will be used to pay down debt arising from the development of the flagship resort, which also includes a water park, a hotel and retail, dining and entertainment facilities. Adlabs recorded revenues of INR659 million and a net loss of INR223 million for the nine-month period ended December 2013.
ICICI Venture invested INR1.4 billion in Adlabs last August through a mix of shares and compulsorily convertible debentures (CCDs). The CCDs have yet to be converted. The upcoming IPO follows another high-profile float in the leisure sector - theme park and resorts operator Wonderla Holidays, which raised INR1.8 billion earlier this month.
New York Life has $537 billion in assets under management. NYLIM Jacob Ballas is managed by GoldPoint Partners - previously known as New York Life Capital Partners - and the funds are advised by Indian GP Jacob Ballas Capital. GoldPoint is anchor investor in three funds with $600 million in capital between them.
GoldPointPartners is responsible for $9.9 billion in private equity assets covering co-investments, mezzanine investments, and LP interests in funds. It manages these assets on behalf of New York Life and other institutional investors.
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