The initial public offer (IPO) of Kishore Biyani-led Future Capital Holdings, which expects to raise up to Rs 490 crore, got fully subscribed today within the first four hours of opening.The IPO of financial services arm of the Future Group received bids for 1.07 crore equity shares against the 6,42,2000 shares on offer, the latest data available on the stock exchanges show. The price band for the IPO has been fixed between Rs 700 and 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. The proceeds of the issue would be deployed against its consumer credit business Future Money, which was launched in June 2007.Kotak Mahindra Capital Company, Enam Securities, JM Financial Consultants and UBS Securities India are the book-running lead manager to the issue.The issue would constitute 10.16% of the post-issue paid-up capital of the company. At least 60% of the issue shall be allocated on a proportionate basis to qualified institutional buyers.Also 5% of the QIB portion would be available for allocation on a proportionate basis to mutual funds only. Further, not less than 10% of the issue would be allocated on a proportionate basis to non-institutional bidders and about 30% to retail individual bidders.
