Home / Market / Stock-market-news /  Future Supply Chain IPO subscribed 7.5 times on last day

Mumbai:The Rs650-crore initial public offering (IPO) of Future Supply Chain Solutions Ltd, the logistics arm of the Kishore Biyani-led Future Group, witnessed an overall subscription of 7.5 times on Friday, the last day.

As of 6.30pm, the portion of shares reserved for institutional investors in the Future Supply Chain IPO was subscribed 12.36 times, while those set aside for retail and non-institutional investors were subscribed 3.17 times and 11.15 times, respectively.

Future Supply Chain had set a price band of Rs660-664 per share for the IPO. The IPO is a pure offer for sale where the parent Future Enterprises Ltd and special situations fund SSG Capital are collectively selling 9.78 million shares.

The IPO will result in a total stake dilution of 24.43%. Future Enterprises will fetch Rs130 from its stake sale, while SSG Capital, which is selling shares through its entity Griffin Partners Ltd, will earn Rs520 crore.

Earlier in November, Mahindra Logistics Ltd, the logistics arm of automobile maker Mahindra and Mahindra Ltd, launched its Rs829.36 crore IPO, which had also received a similar response. The IPO was subscribed 7.83 times on the last day.

IPO fundraising in value terms in 2017 has breached the last record set in 2010, when 64 companies raised Rs37,534.65 crore.

Until November 2017, the Indian primary market has witnessed 33 IPOs with companies raising Rs65,923.12 crore, according to data from primary market tracker Prime Database.

In 2016, 26 companies raised Rs26,493.8 crore through the IPO route.

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