 "Future Supply Chain Solutions IPO subscribed 32% on Day One")
The initial public offer (IPO) of Future Supply Chain Solutions received bids for 2.1 million shares on the first day of the bidding for the IPO today, 6 December 2017, data on NSE showed as at 17:00 IST. The IPO was subscribed 0.32 times. The price band of the IPO has been fixed at Rs 660 to Rs 664 per share. The IPO opened for subscription on 6 December 2017. The issue closes on 8 December 2017.
Ahead of the opening of the IPO, the IPO committee of the board of directors of the company at its meeting held on 5 December 2017 finalized allocation of 2.9 million equity shares to 16 anchor investors at Rs 664 per share.
The offer comprises offer for sale of 97.85 lakh shares, which at lower price band of Rs 660 per share, works out to Rs 645.78 crore and at higher price band of Rs 664, the issue size works out to Rs 649.70 crore. The selling shareholder comprises of the promoter Future Enterprise (around 19.57 lakh shares) and Griffin Partners (around 7.8 million shares).
The company reported net profit of Rs 33.33 crore on revenue from operations of Rs 357.42 crore in the half year ended 30 September 2017.
Future Supply Chain Solutions (FSC) is one of the largest third-party logistics service providers in India. FSC services include automated and IT-enabled warehousing, distribution and other logistics solutions to a wide range of customers which includes 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.
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