Business

Adlabs Entertainment raises Rs 60 cr from anchor investors

Amusement theme park operator Adlabs Entertainment has raised Rs 60 crore from anchor investors ahead of its initial public offering (IPO), which opens today. 

The company in a statement said that it has allotted 2.72 million shares to five investors, which include Daiwa India, HDFC Infrastructure Fund, Axis Mutual Fund, L&T Mutual Fund and IL&FS. 

Anchor, or cornerstone investors, are institutional investors which are given allotment on a discretionary basis just before the opening of the IPO to instill confidence in the issue. Shares allotted to anchor investors have a lock-in for 90 days.  

The shares were allotted at the lower end of its IPO price band of Rs 221 and Rs 230 per share. The company is offering an additional discount of Rs 12 per share to retail investors, who will have 10% reservation. 

Adlabs Entertainment is looking to raise more than Rs 450 crore from its IPO, which will remain open till March 12.