Future Supply Chain Fixes Price Band, Looks To Raise Up To Rs 650 Crore
The public issue, which will remain open for three days, is an offer for sale by Future Enterprises and SSG Capital.
Future Supply Chain Solutions Ltd., the logistics arm of the Future Group, is looking to raise up to Rs 650 crore through an initial public offering that opens on Dec. 6.
The public issue, which will remain open for three days, is an offer for sale through which the promoter company Future Enterprises and private equity investor SSG Capital through its entity Griffin Partners will sell stakes, Future Supply Chain said in an exchange filing today. The price band of the offer has been fixed at Rs 660-664 apiece.
Future Enterprises will garner Rs 130 crore at the upper end of the price band be selling 19.56 lakh equity shares while SSG Capital will raise Rs 520 crore by offloading 78.27 lakh equity shares.
Future Enterprises’ stake in the logistics unit stood at 57.4 percent, as on March 31 while SSG Capital holds 35.1 percent currently. Post the IPO, SSG Capital will hold 15 percent stake in the logistics company while Future Enterprises’ stake will be reduced to 52.4 percent.
On Nov. 20, SSG Capital had sold 19.63 lakh shares or 4.9 percent stake in the logistics company to Edelweiss managed entities – Edelweiss Crossover Opportunities Fund and EW Clover Scheme – for Rs 636.60 apiece, according to an earlier exchange notification.
Future Supply Chain, incorporated in April 2007, offers warehousing, distribution and other logistics solutions to customers across industries such as retail, fashion and apparel, automotive and engineering, food and beverage, fast-moving consumer goods, e-commerce, healthcare, electronics and technology, home and furniture and ATMs.
Its revenue rose 9.6 percent to Rs 561.2 crore in the financial year 2016-17 compared to the previous financial year. It reported a profit of Rs 45.7 crore in FY17, as against Rs 29.4 crore in the previous year.
