Future Capital share price set at Rs765

Future Capital share price set at Rs765
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First Published: Thu, Jan 17 2008. 11 17 PM IST
Updated: Thu, Jan 17 2008. 11 17 PM IST
New Delhi: Future Capital Holdings Ltd, the financial services unit of Future Group, will sell shares at Rs765 per unit—the upper band at which the stock was sold in an initial public offering (IPO).
The company sold 6.42 million shares at Rs700-765 each, according to the share sale document. Future Capital received demand for 130 times the stock on offer when the sale closed on Wednesday.
Kishore Biyani, chief executive officer of Future Group, plans to use the funds to expand businesses, including asset management, retail financial services and research. The company will use the retail network of parent Pantaloon Retail (India) Ltd to add to its Future Money outlets, which provide financial services, including loans.
Kotak Mahindra Capital Co., JM Financial Ltd, Enam Securities Pvt. Ltd and UBS AG advised the firm on the sale.
Future Capital’s share sale opened for subscription on 11 January and closed on 16 January. According to data from the stock exchanges, the qualified institutional bidders’ portion was subscribed by approximately 180 times; the non-institutional investors’ portion was subscribed by approximately 84 times; and the retail portion was subscribed by around 55 times.
The public issue received more than 1.17 million applications and bids for 857 million equity shares as against 6.42 million shares on offer.
The shares would be listed on the Bombay Stock Exchange and the National Stock Exchange.
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First Published: Thu, Jan 17 2008. 11 17 PM IST