MUMBAI: Theme park operator Adlabs Imagica has pushed the closing date of its ongoing initial public offering (IPO) and cut the issue price band as the share sale failed to garner enough bids. The company slashed the price band of its 2.03-crore share IPO to Rs 180-215 per share from Rs 221-230 and extended the closing date to March 17.The issue was originally scheduled to close on Thursday. Adlabs attributed the issue price revision to high market volatility. “The price revision, accompanied with the extension of the issue period, will make the issue pricing more investor friendly and will enable a wider set of investors, including institutional and noninstitutional investors, to participate,” a company spokesperson said.At 6 PM on Thursday, the retail portion was subscribed 1.1 times, the institutional portion was subscribed 0.40 times and the non-institutional investors’ segment was subscribed 0.11 times.But, analysts who recommended against investing in the IPO are still not impressed with the price cut.“Even after the reduction in the offer price, the IPO price is expensive when compared with Wonderla Holidays’ and international peers like Euro Disney and Walt Disney ,” says Ravi Shenoy , vicepresident (Midcaps), Motilal Oswal Financial Services , which has an ‘Avoid’ rating on the issue.With lower funds now being raised through the IPO, analysts believe the company’s deleveraging process will be slower.“Due to the huge debt, interest costs and depreciation will be high. It will take some time for footfalls to rise and, hence, the near-term volume growth will be slow. This is likely to keep the bottom line in the red in the near term,” said Amarjeet Maurya , analyst, Angel Broking , which continues to recommend investors to avoid the issue.Adlabs Imagica, which runs an amusement park near Mumbai, has a debt ofRs 1,256 crore, said analysts. Through this IPO, Adlabs intends to de-leverage its balance sheet by Rs 330 crore.The theme park spread over 132 acres opened in April 2013 and can accommodate 20,000 visitors. In addition of the water park, a soon-to-be-launched hotel and a snow park are likely to be future revenue drivers, the company had said.