Future Ventures to launch Rs 750-cr IPO in May
Future Group's venture capital arm, Future Ventures, is all set to enter the capital market by the first week of May to raise around Rs 750 crore through an IPO, a top company official said today.
April 15, 2011 / 15:22 IST
Future Group''s venture capital arm, Future Ventures, is all set to enter the capital market by the first week of May to raise around Rs 750 crore through an IPO, a top company official said today.
The company would be filing with the Registrar of Companies (RoC) for the same in the next two days.
"We are looking at raising Rs 750 crore from the capital market. We have already got Sebi approval for the Initial Public Offer (IPO) and expect to hit the market in the next 3-4 weeks. The exact dates will be decided after we go to the RoC," Future Venture CEO K K Rathi told PTI here.
The proceeds of the IPO would be used to fuel the company''s acquisition plans in the FMCG, food and fashion segments, Rathi said, adding the focus in the first year would be primarily on the FMCG space.
"We will be looking at acquiring, creating new and growing our existing private brands. We would focus mainly in the FMCG, food and fashion segments. Our idea is to go beyond modern retail to sell our products. We are talking to a few players in all the three segments," Rathi said.
The company, which has about 30-40 different private brands across these three segments, plans to add new brands through acquisitions or creating new brands.
"We are looking at creating more choices for the consumer and hence want to add more brands. However, these brands will not only be sold through the chain of stores within the Group but also through other distribution channels," Rathi said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
