Future Capital IPO : oversubscribed 8.7 times

By CROW -
The initial public offer of Kishore Biyani-led Future Capital Holdings got subscribed 8.69 times till the second day of issue today.

The public offer expects to raise up to Rs 490 crore. The proceeds would be deployed in the company's consumer credit business -- Future Money -- which was launched in June 2007.

Response has seen from qualified institutional investors, whose reserved portion subscribed over 10 times followed by 8 times subscription in retail investors category.

The IPO of financial services arm of the retail major Future Group received bids for 5.58 crore equity shares against the 64.22 lakh shares on offer, the data available on the stock exchanges show.

The price band for the IPO is between Rs 700-Rs 765
and the issue would close on January 16. The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

The issue would constitute 10.16 per cent of the post-issue paid-up capital of the company.

Kotak Mahindra Capital Company Ltd, Enam Securities, JM Financial Consultants Pvt Ltd and UBS Securities India are the book-running lead manager to the issue.

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