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Future Supply Chain Solutions makes stock market debut, closes 3.28% higher over issue price

The offer was open from  December 6 to December 8, 2017. On the NSE, the stock was up 3.50 percent or 23 points to 687.25.

twitter-logoBusinessToday.in | December 18, 2017 | Updated 16:47 IST
Future Supply Chain Solutions makes stock market debut, closes 3.28% higher over issue price

The Future Supply Chain Solutions stock made its market debut at a 1.5 percent premium over its issue price on the Sensex and Nifty on Monday.

The stock opened at 674 level above its issue price of 664 per share.

At 12:36 pm, the stock was trading 3.55% or 23 points higher than its issue price. It was trading 1.98 percent or 13 points higher at 687 points on the NSE.

On BSE, the stock closed 3.28 percent or 21 points higher at 685 points over issue price.  On NSE, the stock gained 2.99 percent or 19 points at 683.35 level

The offer was open from  December 6 to December 8, 2017. On the NSE, the stock was up 3.50 percent or 23 points to 687.25.

The price band of the Rs 650-crore initial public offer (IPO) was fixed at Rs 660 to Rs 664 per share.

Future Enterprises, the promoters, sold 4.43% of their stake and private equity investor Griffin Partners conducted an offer-for-sale aggregating to 20% of equity.  

In total, 24.43% or nearly 98 lakh shares for up to Rs 650 crore were sold in the IPO.

The IPO of Future Supply Chain Solutions was subscribed 7.56 times led by strong demand from qualified institutional investors and the HNI segment.

Incorporated in 2006, Future Supply Chain Solutions is one of the largest third-party logistics service providers in India. The company's services include automated and IT-enabled warehousing, distribution and other logistics solutions.

The company reported a net profit of Rs 46 crore on revenues of Rs 561 crore for FY17.

Edelweiss Financial Services, Nomura Financial Advisory and Securities (India) Pvt Ltd, CLSA India, IIFL Holdings, IDFC Bank and Yes Securities (India) Ltd were the book running lead managers to the offer.

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