Future Ventures to float IPO

Monday, 06 September 2010

Future Ventures, the investment arm of Future Group, which runs the country’s top listed retailer Pantaloon Retail, is looking to raise as much as Rs 7.5 billion through an IPO. Future Ventures plans to use the proceeds to build, invest or acquire businesses in India’s growing consumption-led sectors focusing on fashion, FMCG, food processing, home products, rural distribution and vocational education. The firm is backed by ad-for-equity investor Bennett Coleman & Co that is incidentally also an early investor in Pantaloon Retail. BCCL holds 12 per cent stake in Future Ventures with an estimated investment of around Rs 100 crores.

Enam Securities, JM Financial and Kotak Mahindra Capital are book running lead managers for the offering. The timeline for the IPO has not been set yet. The Future Group had intended to float Future Ventures in 2008, but the process was delayed in the wake of the financial crisis, economic slowdown and a stock market collapse. Indian firms have raised a total of about $14 billion through share sales so far this year from 74 issues, compared with $16 billion raised in 2009 from 89 offerings.

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