Future Supply Chain Eyes More Customers Outside Group Companies
Future Enterprises to hold majority stake in Future Supply Chain post listing.
Third-party logistics provider Future Supply Chain Solutions Ltd., which will launch its initial public offering next month, aims to rope in more customers outside group companies.
Future Group companies currently contribute a little more than 50 percent of the total business of Future Capital chain, Group Chairman Kishore Biyani told BloombergQuint in an interview. The logistics unit plans to change its revenue mix in future and expects 60 percent of its revenue to come from non-Future Group companies, he added
The logistics company has seen its revenues grow by 35 percent in the first six months of the current financial year, Biyani said.
The latest public offering from the Future Group stable plans to raise up to Rs 650 crore at the upper end of the price band which has been fixed at Rs 660-664 apiece, according to an exchange notification. The issue 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.
Incorporated in April 2007, Future Supply Chain 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.
(Disclaimer: The correspondent's trip to Future Supply Chain’s hub in Nagpur was organised by the Future Group)