Adlabs Entertainment makes weak stock market debut

Shares of theme park operator Adlabs Entertainment today made its stock market debut on a weaker note by falling nearly 10 per cent over the issue price of Rs 180 per share.

The stock listed at Rs 167.95 on the BSE, down 6.69 per cent against the issue price.

On the NSE, the stock got listed at Rs 162.20, reflecting a slump of 9.88 per cent from its issue price of Rs 180.

However, later the stock pared all its initial losses and surged to a high of 199, up 10.55 per cent on the BSE.

The company's IPO, which was off the ground last month, was subscribed 1.11 times, helping it mop up an estimated Rs 376 crore.

The funds raised include Rs 60 crore from anchor investors.

Adlabs offer price was lowered to Rs 180-215 from Rs 221-230 per share while the closure date was extended by three days amid tepid response from institutional investors.

The issue had opened on March 10.

Adlabs Entertainment is promoted by Manmohan Shetty and Thrill Park.