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Future Supply Chain garners Rs 195 crore from anchor investors ahead of IPO

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Future Group’s logistics arm Future Supply Chain Solutions said Tuesday it has garnered Rs195 crore ahead of its initial public offering (IPO) that opens on Wednesday.

Future Supply Chain garners Rs 195 crore from anchor investors ahead of IPO
The Future Supply Chain IPO will be open for public subscription during December 6-8 at a price band of Rs 660-664 per share

According to a PTI report: 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 December 6-8 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 per cent of their stake, as well as an offer-for-sale by private equity investor Griffin Partners aggregating to 20 per cent of equity. Together, the issuer will sell 24.43 per cent 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.