ICICI Venture-backed India theme park operator files for IPO

Adlabs filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) this week. If the offering goes ahead, it will be the largest IPO the country has seen since the elections.

The company is looking to sell 23 million shares, including 2 million shares offered by the promoters. It is also considering a pre-IPO placement of up to 3 million shares that would generate INR800 million.

Adlab's flagship property is Adlabs Imagica, a theme park located in Khopoli on the Mumbai-Pune expressway, which opened in April. The 300-acre park has around 21 rides at present and there are plans to expand the project. It can accommodate about 20,000 visitors per day and aims to host over 3 million visitors in the first year of operations.

The capital raised will be used to help pay down debt resulting from the development of the 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 into shares.

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.

Adlabs' issue is being managed by Deutsche Equities, Centrum Capital and Kotak Mahindra Capital.

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• Topics
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