Market regulator the Securities and Exchange Board of India (Sebi) has given approval to Kishore Biyani-promoted Future Ventures to raise up to Rs 750 crore through an initial public offer (IPO).

According to Sebi, the company had filed the revised Draft Red Herring Prospectus (DRHP) on September 2 last year and the market regulator gave its nod on January 21, 2011.

The company earlier filed the initial DRHP on August 13, 2010. According to the details available with the prospectus, the company plans to raise up to Rs 750 crore.

This is the second time that Future Ventures is planning to tap the primary market. Earlier, in 2008, the company had filed a prospectus but did not come out with an offering.

The media major Bennett Coleman and Company (BCCL) is among the top 10 shareholders of the company.

BCCL, the publisher of English dailies The Times of India and The Economic Times, holds a 12.10 per cent stake in the company.

Other top shareholders of the company include Pantaloon Retail (India), 18.15 per cent, and Future Capital Investment, which has a 12.32 per cent holding.

The company plans to raise funds to 'create, build, invest in or acquire and operate business ventures and for general corporate purposes', as per the DRHP. The company may consider participation by anchor investors.

JM Financial, Enam Securities and Kotak Mahindra Capital are the book running lead managers to the issue.

Shares offered through the IPO are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.

The company is a part of the Future Group, promoted by Kishore Biyani and it focuses on consumption-led businesses.

Two firms of the Future Group -- Future Capital Holdings and Pantaloon Retail -- are already listed on the stock exchanges and this will be the third one from the group to tap the capital market.