Future Supply Chain IPO opens today, Rs195 crore raised from anchor investors
SENSEX, Future Supply Chain IPO
The anchor investors include HDFC Trustee Co., Reliance Capital Trustee Co. Ltd, L&T Mutual Fund and IDFC Mutual Fund
Future Group’s logistics arm Future Supply Chain Solutions said Tuesday it has garnered Rs 195 crore ahead of its initial public offering (IPO) that opens on Wednesday.
The Future Supply Chain IPO saw allocation of over 29.35 lakh equity shares to 16 anchor investors at Rs 664 per share, the upper end of the price band of Rs 660-664. At this price, the total amount works out to be Rs 194.90 crore. Anchor investors include HDFC Trustee Co., Reliance Capital Trustee Co. Ltd, L&T Mutual Fund and IDFC Mutual Fund.
The Future Supply Chain IPO will be open for public subscription during 6-8 December at a price band of Rs 660-664 per share. The issue is a mix of fresh issuance of shares by promoters Future Enterprises, which will lead to a dilution of 4.43% of their stake, as well as an offer-for-sale by private equity investor Griffin Partners aggregating to 20% of equity. Together, the issuer will sell 24.43% or 9,784,570 shares for up to Rs 650 crore.
Edelweiss Financial Services, CLSA India, Nomura Financial Advisory and Securities (India) Pvt. Ltd, IDFC Bank Ltd, IIFL Holdings Ltd and Yes Securities (India) Ltd are the book-running lead managers to the Future Supply Chain IPO.