Future Cap IPO Price Band Fixed At Rs 700-765

Future Capital Holdings, the financial services arm of the Future Group, has announced the fixing of the price band for its initial public offering between Rs 700 to Rs 765 per equity share. The issue will open on January 11 and close on January 16. A total of 64.23 lakh equity shares of Rs 10 each are on offer, which constitutes 10.16% of the post-issue paid-up capital of the company. The company will mop up a total of Rs 491 crore at the higher end of the price band.

Around 60% of the issue will be allocated on a proportionate basis to qualified institutional bidders (QIBs), Also, 5% of the QIB portion will be available for mutual funds. While non-institutional investors will have a share of 10% of the issue, retail investors' segment is pegged at 30%. The company was incorporated in 2005 and promoted by Pantaloon Retail India(PRIL). 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. In June 2007, FCHL launched its retail financial services offering "Future Money", with the objective of becoming one of the leading retailers of financial products and services in India.