Future Ventures India IPO subscribed 22%

Gets bids for 16.26 crore shares

The initial public offering (IPO) of the Kishor Biyani-promoted Future Ventures India was subscribed 0.22 times as at 16:00 IST on day one of bidding today, 25 April 2011. The issue got bids for 16.26 crore shares compared with 75 crore shares on offer.

The company plans to raise upto Rs 750 crore through the IPO by offering shares in the price band of Rs 10 to Rs 11 per share. The issue closes on 27 April 2011 for qualified institutional bidders and 28 April 2011 for retail and non-institutional bidders.

Ratings firm CARE has assigned an IPO grade 3 to Future Ventures India' IPO indicating average fundamentals.

Future Ventures India, part of the Future group, is an investment company investing in businesses which are strategically important to the group's retail business. The company plans to use a large part of the funds raised from the IPO to acquire new businesses while a small part of the proceeds will be used to grow the existing businesses.