December 8, 2017 / 1:14 PM / 2 years ago

India's Future Supply Chain Solutions $101 mln IPO sees strong demand

MUMBAI, Dec 8 (Reuters) - Indian logistics provider Future Supply Chain Solution Ltd’s initial public offering (IPO) of shares to raise up to 6.5 billion rupees ($100.9 million) was subscribed 7.5 times on the last day of the sale on Friday, adding to what has been a record year for initial share sales in the country.

The institutional portion of the IPO was subscribed 12.4 times, while the part reserved for retail investors received bids more than three times the number of shares on offer, data as of 6:00 PM (1230 GMT) showed.

Shareholders of Future Supply Chain Solutions - Griffin Partners and Future Enterprises Ltd - were selling about 9.8 million secondary shares in the IPO in a price range of 660-664 rupees each.

Citic CLSA, Edelweiss and Nomura are the global coordinators and bookrunners for the IPO, while IDFC Bank, IIFL Holdings and Yes Securities are the other bookrunners.

Initial share sales in India have raised more than $11 billion so far in 2017. ($1 = 64.4450 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Subhranshu Sahu)

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