Future Venture Files DRHP With SEBI: Plans To Raise Rs. 3736 Crore Through IPO
Future Ventures India Ltd (FVIL), the venture capital arm of Kishore Biyani's Future Group, has finally filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Rs.3736 crore initial public offering (IPO).
The IPO comprises a net issue to the public of 266 crore equity shares and a reservation of up to 5 crore shares for employees and 2.5 crore shares for the shareholders of Pantaloon Retail. The net issue would constitute 66.52 per cent of the post issue paid up capital of the company.
FVIL was incorporated in 1996 and is promoted by Pantaloon Retail (India) Ltd, the flagship company of the Future Group, Future Capital Holdings Ltd, Future Capital Investment Pvt Ltd, Pantaloon Future Ventures Ltd, which is a wholly owned subsidiary of PRIL, and Kishore Biyani.
Future Ventures was acquired and its name changed from Subhikshith Finance and Investments Ltd in July 2007, after which Pantaloon invested Rs. 325 crore in it. It now has a 28.4% stake in discount retail chain, Sankalp Retail Value Stores Pvt. Ltd, which runs Dollarstores International, and a 6.5% share in women’s wear retailer Biba International Ltd and one more retailer.
The announcement comes barely three weeks after the listing of Future Capital Holdings (FCH), the financial arm of Kishore Biyani's Future Group. The issue was subscribed 133 times.
The book running lead managers (BRLMs) are JM Financial Consultants, Enam Securities, Kotak Mahindra Capital Company, ICICI Securities, and Edelweiss Capital Ltd.
