The first public issue of calendar 2008, Future Capital Holdings (FCHL), the financial services arm of the Future Group, will create several records when it lists on the stock exchanges on February 1, within 11 working days from the day of issue closing.
The company and the registrars will start sending out the refunds from January 29, which is eight working days from the day of issue closing.
The company has set the tone for speedy process of refunds by reducing the time-lag for the refund process for IPOs in calendar 2008.
Due to the speedy process, an amount of Rs 16,000 crore will be pumped back into the market and the liquidity will improve
The company had fixed the issue price at Rs 765 per equity share (upper end of the price band) for its initial public offering (IPO) of 6,422,800 equity shares of Rs 10 each for cash at the above price decided through a 100% book-building process.
The issue had opened for subscription on January 11, 2008, and closed on January 16, 2008. According to the preliminary data obtained from the stock exchanges, the issue was subscribed to approximately around 133 times (Source: NSE website). The qualified institutional bidders portion was subscribed to approximately around 180 times; the non institutional investors portion 84 times; and the retail portion 55 times. The public issue received more than 11.71 lakh applications and bids for 85.7 crore equity shares as against 6.422 million shares on offer.
The equity shares are proposed to be listed on Bombay Stock Exchange and the National Stock Exchange. The issue constitutes 10.16% of the post-issue paid-up capital of the company.
The book running lead managers to the issue are Kotak Mahindra Capital Company Limited, Enam Securities Private Limited, JM Financial Consultants Private Limited and UBS Securities India Private Limited.
Source: Moneycontrol.com
Monday, January 28, 2008
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