The initial public offer of Kishore Biyani-led Future Capital Holdings got 8.12 times subscribed till the second day of issue on Monday.
The public offer expects to raise up to Rs 490 crore (Rs 4.9 billion). The proceeds would be deployed in the company's consumer credit business -- Future Money -- that was launched in June 2007.
The IPO of financial services arm of the retail major Future Group received bids for 5.21 crore (52.1 million) equity shares against the 64.22 lakh (6.42 million) shares on offer, the data available on the stock exchanges show.
The price band for the IPO has been fixed between Rs 700-Rs 765 and the issue would close on January 16. The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
Kotak Mahindra Capital Company Ltd, Enam Securities, JM Financial Consultants Pvt Ltd and UBS Securities India are the book-running lead manager to the issue. The issue would constitute 10.16 per cent of the post-issue paid-up capital of the company.
At least, 60 per cent of the issue shall be allocated on a proportionate basis to qualified institutional buyers. Also, five per cent of the QIB portion would be available for allocation on a proportionate basis to mutual funds only.