Future Supply Chain public issue subscribed 32% on Day 1; Shalby IPO gets 46% on Day 2

MUMBAI: The ₹650-crore initial public offering (IPO) of Future Supply Chain Solutions Ltd, the logistics arm of the Kishore Biyani-led Future Group, saw an overall subscription of 32% on Wednesday, the first day of the share sale. According to data from stock exchanges, as of 5pm, the portion of shares reserved for institutional investors was subscribed 50%, while those set aside for retail and non-institutional investors were subscribed 27% and 18%, respectively.

Future Supply Chain has set a price band of ₹660-664 per share for the IPO. The offer will close on December 8. The IPO is a pure offer for sale, where the parent Future Enterprises Ltd and special situations fund SSG Capital are collectively selling 9.78 million shares. Post-offer, there will be a total stake dilution of 24.43%.

Future Enterprises is selling stake worth ₹130 crore, while SSG Capital, through its entity Griffin Partners Ltd is offloading shares worth ₹520 crore.

Post offer, the shareholding of Future Enterprises will drop by five percentage points to 53%, while that of SSG Capital will be reduced to 14.63% from the existing 34.18%.

Also on Wednesday, the ₹504.8-crore IPO of Shalby Ltd, which runs a multi-speciality hospital chain, was subscribed 46%, on the second day of the IPO.

As of 5pm, the portion of shares reserved for institutional investors was subscribed 35%, while those set aside for retail and noninstitutional investors were subscribed 72% and 2%, respectively.

Shalby has set a price band of ₹245-248 per share for the IPO. The offer will close on December 7. The Shalby IPO includes a fresh issue of ₹480 crore. The majority of funds from the fresh issue will be used for retiring debt, while the rest will be used to meet general corporate expenses, among other things.