Future Ventures Files IPO Plan With Indian Regulator

Future Ventures India Ltd., the Future Group unit which invests in startup companies, filed a draft initial share sale proposal with the nation's capital market regulator.

The company plans to sell 3.74 billion shares with a face value of 10 rupees each, Mumbai-based Future Ventures said in an e-mailed release today. Future Ventures, which didn't say how much money it plans to raise, will offer 250 million shares to stockholders of group company Pantaloon Retail India Ltd.

Future Ventures, incorporated in 1996, wants to invest, build and acquire companies that seek to take advantage of the growth in spending in the world's fastest-growing major economy after China, Kishore Biyani, the Future Group's chief executive officer, said in the release.

Pantaloon Retail, the nation's biggest publicly traded retailer, said Sept. 26 that the board had given its approval to Future Ventures to raise about 20 billion rupees ($500 million).

JM Financial Consultants Pvt., Enam Securities Pvt., Kotak Mahindra Capital Co., ICICI Securities Ltd. and Edelweiss Capital Ltd. are advising the company on the sale.

Future Ventures is owned by Pantaloon Retail, Biyani, Future Capital Holdings Ltd., Future Capital Investment Pvt. and Pantaloon Future Ventures Ltd.

Pantaloon Retail declined 12 rupees, or 2.3 percent, to 521.5 rupees on the Bombay Stock Exchange today. Future Capital Holdings fell 2.3 percent to 796.1 rupees.

Future Capital Holdings, the group's financial services unit, raised 4.9 billion rupees selling 6.42 million shares last month. The stock was sold in an initial offer at 765 rupees apiece.

To contact the reporters on this story: Saikat Chatterjee in New Delhi at schatterjee4@bloomberg.net.

To contact the editor responsible for this story: Jason Scott at jscott14@bloomberg.net.

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