Future Capital IPO gets subscribed 27 times till third day
The IPO of the Kishore Biyani-led Future Group's financial services arm received bids for 17.36 crore equity shares against the 64,22,000 shares on offer.
By PTI |
MUMBAI: Continuing to hold investors' interest, the Future Capital Holdings IPO has got subscribed 27.04 times till the third day, although the market witnessed a major slump amid euphoric demand for Reliance Power offer that opened today.
According to latest data available on the bourses, the IPO of the Kishore Biyani-led Future Group's financial services arm received bids for 17.36 crore equity shares against the 64,22,000 shares on offer.
Future Capital is expecting to raise up to Rs 490 crore through the issue, the price band for which has been fixed between Rs 700 and Rs 765. The issue, which opened on January 11, would close tomorrow.
Post IPO, the equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange. The issue proceeds would be deployed against its consumer credit business Future Money, that was launched in June 2007.
It is interesting to note that on the first day of offer Anil Ambani led Reliance Power's IPO has got subscribed over 10 times, while on day one, the public offer of Future Capital had received bids for three times the issue size.
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.
The issue would constitute 10.16 per cent of the post- issue paid-up capital of the company. At least 60 per cent of the issue shall be allocated to qualified institutional buyers. Also 5 per cent of the QIB portion would be available for allocation to mutual funds only.
Further, the non-institutional bidders would receive 10 per cent of the issue and about 30 per cent would be given to retail bidders.
According to latest data available on the bourses, the IPO of the Kishore Biyani-led Future Group's financial services arm received bids for 17.36 crore equity shares against the 64,22,000 shares on offer.
Future Capital is expecting to raise up to Rs 490 crore through the issue, the price band for which has been fixed between Rs 700 and Rs 765. The issue, which opened on January 11, would close tomorrow.
Post IPO, the equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange. The issue proceeds would be deployed against its consumer credit business Future Money, that was launched in June 2007.
It is interesting to note that on the first day of offer Anil Ambani led Reliance Power's IPO has got subscribed over 10 times, while on day one, the public offer of Future Capital had received bids for three times the issue size.
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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The issue would constitute 10.16 per cent of the post- issue paid-up capital of the company. At least 60 per cent of the issue shall be allocated to qualified institutional buyers. Also 5 per cent of the QIB portion would be available for allocation to mutual funds only.
Further, the non-institutional bidders would receive 10 per cent of the issue and about 30 per cent would be given to retail bidders.
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