Future Capital Holdings to list on February 1

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

Future Capital Holdings IPO subscribed 2.4x

Future Capital Holdings (FCHL), the financial services arm of the Future Group, has received good response on day one of subscription period. The issue subscribed 2.38 times, as per data available on NSE website. It received bids for 1.52 crore equity shares as against 64.22 lakh shares on offer.

The issue will close for subscription on January 16, 2008. The price band is between Rs 700 and Rs 765 per equity share. The issue would constitute 10.16% of the post-issue paid-up capital of the company.

FCHL's three primary lines of business are investment advisory services, retail financial services and research. Currently, the two main retail financial services products are consumption loans and personal loans. FCHL will also commence in the near future the distribution of financial products, including credit cards. It has entered into an agreement with ICICI Bank for marketing and distribution of the "Future Card", a credit card offering loyalty points.

The objects of the issue are to augment capital base to meet the future capital requirements arising out of growth and for other general corporate purposes including meeting the expenses of the issue.

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

Future Cap Holdings sets IPO price band at Rs 700-765/sh

Future Capital Holdings (FCHL), the financial services arm of the Future Group, has fixed the price band between Rs 700 and Rs 765 per equity share for its initial public offering (IPO) of 6,422,800 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.

The company has filed its red herring prospectus with the Registrar of Companies, Mumbai, and is expected to hit the capital market in mid-January 2008. The issue would constitute 10.16% of the post-issue paid-up capital of the company.

FCHL was incorporated in 2005 and promoted by Pantaloon Retail (India) (the flagship company of the Future Group), its Managing Director Mr Kishore Biyani, and Mr Sameer Sain (a former Managing Director at Goldman Sachs International). One of the investors in the company is Och-Ziff, a prominent international fund.

FCHL's three primary lines of business are investment advisory services, retail financial services and research. Currently, the two main retail financial services products are consumption loans and personal loans. FCHL will also commence in the near future the distribution of financial products, including credit cards. It has entered into an agreement with ICICI Bank for marketing and distribution of the "Future Card", a credit card offering loyalty points.

The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.

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

Future Capital IPO gets clearance from SEBI

The initial public offering of Kishore Biyani's Future Capital Holdings has got clearance from SEBI, according to CNBC-TV18 quoting sources. The company is looking to raise Rs 400 crore through IPO.

Future Capital Holdings is offering 64.2 lakh shares via IPO and diluting 10.16% of equity. Promoters holding will reduced to 74% from current 83%.

Currently the listed Pantaloon holds 61%, which will come down to 55% post IPO. Kishore Biyani's stake will come down from 6.6% to 6% post IPO.

O(x)us Investments holds 8.6% in Future Capital. It has picked up stake in June 2007 at Rs 178 per share.

RHP is likely to be filled in the next 7-10 days.

Source: Moneycontrol.com