Future Group plans to raise money by IPO route

Mr. Kishore Biyani has announced his plans for another IPO. In his statement, Mr. Biyani said that Future Group will soon come with an initial public offer for a new company to raise Rs 2,000 crore.

Kishore Biyani, CEO Future Group said, “We are looking at a new company for the issue. We plan to raise around Rs 2,000 crore. I cannot reveal anything else now.”

The Future Group board approved an initial public offer of Future Capital Holdings.
Mr. Biyani is very keen on raising money and informed the formalities will be completed within next few weeks.

The issue may be launched in December or January next year. The issue size has not been decided yet. Mr. Biyani declined to comment on the price band for the shares. UBS investments has suggested valuation of the company above Rs 3000 crore.

Mr. Biyani has not named the company yet, but said that the stake in Future Bazaar and Future Media will not be diluted yet. The company is searching for a private strategic partner to sell 10 – 15% stake in Future Bazaar.

Future Group holds Pantaloon, the company with a good presence in retail, media and logistics space. Pantaloon expects to touch a turnover of Rs 30,000 crore by the end of decade.

Regarding future plans for Pantaloon Mr Biyani said, “I want to increase the retail outlets for the urban poor.”