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Future Capital Holdings Lists with Disappointment

February 1, 2008

Kishore Biyani’s Future Capital Holdings saw a modest gain of 12% on listing. The current price of Rs 866 discounts its year ended March 2007 EPS of Rs 0.60, by a PE multiple of 1443.

Future Capital Holdings (FCH) had priced its IPO at Rs 765, at the top end of the Rs 700 to Rs 765 price band. At the IPO price of Rs 765, the issue was priced 1275 times its year ended March 2007 EPS of Rs 0.60 (based on consolidated financial performance).

The company’s IPO was subscribed a huge 133.44 times. The qualified institutional buyers (QIBs) portion was subscribed 180.72 times, the non-institutional investors portion 84.38 times and the retail investors portion 55.21 times.

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