Manmohan Shetty-promoted Adlabs Entertainment Ltd has raised Rs 50 crore ($8.18 million) from NYLIM Jacob Ballas India Holdings IV (NYLIM-JB), a company owned and controlled by New York Life Insurance Company; and Jacob Ballas Capital India Private Ltd (JBC), in a pre-IPO round of funding for the theme park operator.
"With this investment, Adlabs will continue on the journey to build a suite of first-of-its-kind entertainment projects for the Indian consumer. This is another step towards our planned IPO," said Shetty.
Adlabs Entertainment Ltd, the firm behind theme park Adlabs Imagica, is one of India’s leading theme park destinations, offering entertainment, fun, action, relaxation, dining and shopping at a single location.
Its flagship property Adlabs Imagica is a theme park located in Khopoli in the Mumbai-Pune expressway and was opened in April this year. Spread over 300 acres, the theme park has around 21 rides at present and the firm is expanding the project.
It got SEBI's nod last week for the proposed IPO.
In a deal struck last August, ICICI Venture through its India Advantage Fund agreed to invest around Rs 144 crore through a mix of shares and compulsorily convertible debentures (CCDs).
Established in 1845, New York Life Insurance Company is the largest mutual life-insurance company in US, and one of the largest life insurers globally. It owns and controls New York Life Investment Management, a company having $544 billion in assets under management.
JBC, a leading India-focused investment advisory firm, serves as the advisor to the investment managers of three India focused private equity funds with over $600 million under management.
Centrum Capital acted as the financial advisor to Adlabs on this pre-IPO funding.
(Edited by Joby Puthuparampil Johnson)