Comments
The initial public offer of Future Supply Chain Solutions, the logistics arm of the Future Group, was subscribed 32 per cent on the first day of the bidding today.
The public issue, which targets to garner Rs 650 crore, received bids for 21.66 lakh shares against the issue size of over 68.49 lakh scrips, a subscription of 32 per cent, latest update with the National Stock Exchange (NSE) showed.
Future Supply Chain Solutions, the logistics arm of Kishore Biyani’s Future Enterprises, has announced a price band of ₹660-664 a share for its IPO, which will be open from December 6-8.
Yesterday, the company had raised Rs 195 crore from anchor investors.
The issue comprises sale of 97,84,570 equity shares, amounting to 24.43 per cent stake, by Future Enterprises and private equity investor Griffin Partners.
Edelweiss Financial Services, CLSA India, Nomura Financial Advisory and Securities (India) Pvt Ltd, IDFC Bank, IIFL Holdings and Yes Securities (India) Ltd are the book running lead managers to the offer.
The ₹650-crore issue is an offer-for-sale by PE investor Griffin Partners and promoter company Future Enterprises who are together selling 24.43 per cent of the company’s post-offer equity.
Bids can be made in multiples of 22 shares. Edelweiss Financial Services, CLSA India, Nomura, IDFC Bank, IIFL Holdings and YES Securities are the bankers to the issue.
As of September 2017, the company ran contract logistics operations in 42 distribution centres, covering 3.84 million sq ft of warehouse space.
Earlier in August, the company had filed the draft red herring prospectus with SEBI for a public issue of up to about 97.84 lakh equity shares representing 25 per cent of the existing paid-up equity share capital of Future Supply Chain Solutions for cash.
Future Retail had reported a standalone net profit of Rs 153.16 crore for the second quarter ended September 2017.
Future Lifestyle Fashions reported a consolidated net profit at Rs 30.28 crore during the same quarter
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.