Adlabs revises IPO price band

Adlabs Entertainment (AEL) has revised the price band for its initial public offering (IPO) to Rs 180-Rs 215 per share from the earlier price band of Rs 221-Rs 230 per share.The closing date of the issue has also been extended by three working days to March 17. The issue was earlier slotted to close on March 12.

The issue had not been fully subscribed as per the data available on NSE updated on March 12 at 5 pm.

As per the data, the total issue has been subscribed only 0.44 times with bids being received for 76.89 lakh shares as against the total issue of 1.76 crore shares.

The qualified institutional buyers (QIB) portion has only been subscribed 0.4 times with bids being received for 50.54 lakh shares as against the issue size of 1.25 crore shares. The retail portion, however, has been subscribed 1.1 times with bids coming in for 22.44 lakh shares as against the issue size of 20.32 lakh shares.

Sources say that the revision was on account of the issue being undersubscribed. However, AEL Chairman Manmohan Shetty told Deccan Herald, “The price has not been revised due to the undersubscription of the issue. I have gone by the advice given by the bankers to me.”