The initial public offer (IPO) of Wonderla Holidays was subscribed 38.06 times. The IPO received bids for 46.90 crore shares compared with 1.23 crore shares on offer, as per NSE data.
The qualified institutional buyers (QIBs) portion was subscribed 16.71 times. Within QIBs category, foreign institutional investors (FIIs) bid for 25.89 lakh shares or around 51% of the shares reserved for QIBs category. Non institutional investors' portion was subscribed a massive 159.04 times. Retail individual investors (RIIs) portion was subscribed 7.55 times.
The issue had opened for subscription on 21 April 2014 and closed on 23 April 2014. The company has set a price band of Rs 115 to Rs 125 per equity share of face value Rs 10 each. At the lower price band, about Rs 166.75 crore will be raised, and at the higher price band, about Rs 181.25 crore.
The board of directors of the company at its meeting held on 17 April 2014 have finalised allocation of 21.7 lakh shares to anchor investors at a price of Rs 125 per share.
Aditya Birla Private Equity Trust was allotted 6.75 lakh shares or 31.04% of anchor investor portion. TVS Shriram Growth Fund 18 was allotted 35.63% or 7.75 lakh shares and HDFC Trustee Company Ltd-HDFC Infrastructure was allotted 33.33% or 7.25 lakh shares.
The company intends to finance the setting up of the amusement park, Wonderla Hyderabad, through debt finance and from IPO proceeds. For setting up the proposed amusement park in the Ranga Reddy district of Andhra Pradesh, the company has acquired 49.57 acres of land, which has been mutated in the name of the company and has been converted from agricultural to non-agricultural land use. The company intends to deploy Rs 173.30 crore for setting up the amusement park from the net proceeds. It has also been sanctioned a loan of Rs 50 crore by the State Bank of Travancore for part financing of the amusement park project. It has utilized Rs 5 crore of debt for the project. The management confirmed that the amusement park to be operational by the financial year ending 31 March 2016 (FY 2016).
Wonderla Holidays is one of the largest operators of amusement parks in India. It owns and operates two amusement parks under the brand name, 'Wonderla', one at Kochi and the other in Bangalore. It is in the process of setting up third amusement park in Hyderabad. It also owns and operates a resort beside its amusement park in Bangalore under the brand name, 'Wonderla Resort', which has been operational since March 2012.
The company reported a net profit of Rs 33.48 crore on net sales of Rs 137.95 crore in FY 2013.
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