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Adlabs Films to launch IPO on Dec 11

Indian motion picture processing firm Adlabs Films Ltd will launch its initial public offering of shares in the domestic market on December 11, the firm's managing director Manmohan Shetty said on Tuesday.

The firm is issuing 4.4 million shares with a face value of Rs 5 each at a premium of Rs 115 apiece.

The funds will be used partly to finance the firm's project to build a four-cinema multiplex in Bombay, which will also house India's first IMAX dome theatre.

The funds will also be used to upgrade and modernise the company's existing processing laboratory in Bombay.

The IMAX theatre from Canada's IMAX Corporation will be the first of its kind in India.

The IMAX technology uses 70 mm film as against the conventional 35 mm frame, and the dome theatre being set up in Bombay will be the largest in the world, Shetty said.

Adlabs recorded total income of Rs 368.33 million in the year ended March 31, 2000 and a net profit of Rs 51.78 million. Its net profit in the first quarter of the current fiscal was Rs 23.38 million.

The IPO will close on December 16.

The issue is being lead managed by SBI Capital Markets Ltd.

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