Bangalore - based amusement park operator Wonderla
Holidays plans to raise Rs. 170 crore to
Rs.190 crore through an initial public offering (IPO ) to fund its greenfield
project in Hyderabad.
The issue opens on
April 21 and closes on April 23, 2014 .The company has fixed the price band
between. Rs. 115 and Rs. 125 per equity share.
It will issue 1.45 crore shares under the IPO, diluting 25.66 per cent.
"The money
raised will be used to fund our new amusement park coming up in Hyderabad. The
project cost of the new project is Rs 250 crore. The rest of the money will be
raised through internal accruals," Wonderla Managing Director Mr. Arun K
Chittilappilly told reporters.
Work on the Hyderabad
venture is expected to begin in a month or two and the park will become
operational about 20 months after that, he added.
The firms's profit
after tax for the first 9 months of FY14 stood at Rs. 33.5 crore, while revenue
was Rs. 121.52 crore.
The firm currently
owns and operates two amusement parks in Kochi and Bangalore under the brand
Wonderla. It also owns and operates a resort beside its amusement park in
Bangalore, which has been operational since March 2012.
Two domestic
investment banks- - Edelweiss Financial Services & ICICI Securities - are
the book running lead Managers to the issue.
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