Future Capital IPO oversubscribed 116 times

The initial public offer of Kishore Biyani-led Future Capital Holdings has been receiving overwhelming response since day one. Its issue has subscribed 100 times, according to sources. Public issue received bids for 62.31 crore equity shares as against 64.22 lakh shares on offer. Major response was seen from qualified institutional investors, whose reserved portion subscribed 106.26 times followed by 26.56 times in retail and 32.50 times in HNIs category. 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. The price band for the IPO is between Rs 700-Rs 765. 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. source: moneycontrol.com