Future Ventures IPO : Likely by March 2011

by khalid on 04/03/2011 · 0 comments

Mumbai based, Kishore Biyani-promoted, Future Ventures, the venture capital arm of Future Group, had filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI in August 2010. The IPO of Future Ventures is likely to open for subscription by March-end. The company wants to tap Rs 750 crore from primary market. This will be the first big private sector IPO this year. Last year there were 5 big private sector IPOs as follows :

1. A2Z Maintenance Rs 776.31 crore
2. Prestige Estates Project Rs 1200.00 crore
3. Oberoi Realty Rs 1028.61 crore
4. Ramky Infrastructure Rs 530.00 crore
5. Orient Green Power Co Rs 900.00 crore

This is the second time that Future Ventures is planning to tap the primary market. Earlier, in the year 2008, the company had filed a prospectus, but did not come out with an offer due to adverse market conditions. At that time, the company aimed to raise Rs 3,730 crore from the IPO.

A2Z Maintenance, which raised Rs 776.31 crore in December 2010, was the last big private sector IPO. The two small IPOs that have come this year so far — Omkar Speciality Chemicals and Midvalley Entertainment — raised Rs 79.38 crore and Rs 60 crore, respectively.

The IPO proceeds would be used for general corporate purposes, create build, invest in or acquire, and operate business ventures.

The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

Book running lead managers to the issue are JM Financial, Enam Securities and Kotak Mahindra Capital.

Registrar of the Issue : Link Intime (India).

Stay tuned to BelltheBull Blog for more on Future Ventures IPO !

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