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Saturday, September 29, 2007

Pantaloon arm files DRHP with Sebi for IPO

Future Capital Holdings (FCH), the financial arm of the Kishore Biyani-owned Pantaloon Retail, today filed the draft red herring prospectus with Securities and Exchange Board of India.

The company plans to issue 6.42 million equity shares of Rs 10 each and is looking at mopping up anywhere between Rs 300 crore and Rs 350 crore. The book built issue will offer 10.16 per cent equity of the company. Kotak, Enam, J M Financial and UBS are the book running lead managers to the issue.

The company, incorporated in 2005, is headed by Sameer Sain, former managing director at Goldman Sachs International.

Pantaloon holds 74 per cent stake in the company, while the hedge fund Och Ziff Capital holds 10 per cent. The remaining stake is held by the co-promoter Sameer Sain and other senior employees such as Atul Kapur and Shishir Baijal.

The company is planning to use the proceeds to fund the expansion of Future Money, the consumer credit business of the company.

FCH’s three primary lines of business are investment advisory and asset management, retail financial services and research.

The asset management business has four funds under management, including Kshitij ($850 million domestic real estate fund); Horizon (USD 350 million international real estate fund); IndiVision (USD 400 million non-leveraged private equity fund); and a new Hospitality fund (USD 350 million).

UBS Investment recently valued the business of Future Capital to be around Rs 3,000 crore. Pantaloon’s stake is thus valued at Rs 2,200 or Rs 140 a share, reports Business Standard.

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