Most of the proceeds from the issue will go to the Griffin while the rest to the promoter group, Mayur Toshniwal.

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IPO News : Future Supply Chain Solutions, the logistics arm of the Kishore Biyani-led Future Group, today said the promoters and PE investor Griffin will together sell 24.43 per cent to raise up to Rs 650 crore through the initial public offer that hits the market on December 6.

The company has fixed a price band of Rs 655-660 for the issue which will offer up to 9,784,570 equity shares that has a face value of Rs 10 each, and an offer-for-sale of up to 7,827,656 shares or 20 per cent equity by Griffin Partners.

That apart, the promoters, Future Enterprises, will dilute up to 1,956,914 shares constituting 4.43 per cent of equity, through the issue which will close on December 8. The offer constitutes up to 24.43 per cent of the post-offer paid up equity share capital, the company said.

Most of the proceeds from the issue will go to the Griffin while the rest to the promoter group, Mayur Toshniwal, manager director Future Supply Chain said.

Griffin Partners held 40 per cent in the company and it will offload 20 per cent of this stake through the IPO, post which the PE will continue to hold 15.1 per cent, Toshniwal said.

In the run-up to the IPO, SSG Capital–the parent of Griffin Partners– had on November 20 sold 19.63 lakh shares aggregating to 4.9 per cent stake to two Edelweiss Group- managed entities–Edelweiss Crossover Opportunities Fund and EW Clover Scheme-at Rs 636.60 a share, according to an earlier exchange filing by the company.

Click to Read → Future Supply Chain IPO Share Price

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