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Friday, January 04, 2008

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.


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