Future Capital Holdings
India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Showing posts with label Future Capital Holdings. Show all posts
Showing posts with label Future Capital Holdings. Show all posts
Tuesday, July 26, 2011
Friday, September 19, 2008
Thursday, July 31, 2008
Wednesday, January 30, 2008
Grey Market - Emaar MGF, Reliance Power, KNR Constructions
Future Capital Holding 765 360 to 380
Reliance Power 450 160 to 170
Emaar MGF 610 to 690 110 to 120
J. Kumar Infraprojects 110 to 120 3 to 5
Cords Cable Ind 125 to 135 10 to 12
KNR Construction 170 to 180 Discount
On Mobile Global 425 to 450 40 to 50
Bang Overseas 200 to 207 32 to 35
Shriram EPC 290 to 330 20 to 22
IRB Infrastructure Developers 185 to 220 50 to 55
Thursday, January 17, 2008
Future Capital Holdings Allotment - Subscription Details
| Sr.No. | Category | No.of shares offered/reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 3853680 | 696444960 | 180.7221 |
| 1(a) | Foreign Institutional Investors (FIIs) | 459696056 | ||
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | 152522296 | ||
| 1(c) | Mutual Funds | 78840984 | ||
| 1(d) | Others | 5385624 | ||
| 2 | Non Institutional Investors | 642280 | 54196568 | 84.3815 |
| 2(a) | Corporates | 29833672 | ||
| 2(b) | Individuals (Other than RIIs) | 22877448 | ||
| 2(c) | Others | 1485448 | ||
| 3 | Retail Individual Investors (RIIs) | 1926840 | 106397672 | 55.2187 |
| 3(a) | Cut Off | 101465992 | ||
| 3(b) | Price Bids | 4931680 |
Wednesday, January 16, 2008
Grey Market - J Kumar, Emaar, Reliance Power
Future Capital Holdings 700 to 765 540 to 550
Reliance Power 405 to 450 300 to 350 (Off from the highs)
J. Kumar Infraprojects 110 to 120 30 to 35
Cords Cable Ind. 125 to 135 5 to 37
Emaar MGF 725 to 850 360 to 380
Tuesday, January 15, 2008
Future Capital - Subscription/Allotment Chances
| Sr.No. | Category | No.of shares offered/reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 3853680 | 135085872 | 35.0537 |
| 1(a) | Foreign Institutional Investors (FIIs) | 120626344 | ||
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | 14198128 | ||
| 1(c) | Mutual Funds | 0 | ||
| 1(d) | Others | 261400 | ||
| 2 | Non Institutional Investors | 642280 | 9089080 | 14.1513 |
| 2(a) | Corporates | 2460704 | ||
| 2(b) | Individuals (Other than RIIs) | 6605928 | ||
| 2(c) | Others | 22448 | ||
| 3 | Retail Individual Investors (RIIs) | 1926840 | 29476152 | 15.2977 |
| 3(a) | Cut Off | 28073592 | ||
| 3(b) | Price Bids | 1402560 |
Future Capital Holdings Current Subscription Details
| r.No. | Category | No.of shares offered/reserved | No. of shares bid for | No. of times of total meant for the category |
| 1 | Qualified Institutional Buyers (QIBs) | 3853680 | 39777272 | 10.3219 |
| 1(a) | Foreign Institutional Investors (FIIs) | 25415784 | ||
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | 14198128 | ||
| 1(c) | Mutual Funds | 0 | ||
| 1(d) | Others | 163360 | ||
| 2 | Non Institutional Investors | 642280 | 100504 | 0.1565 |
| 2(a) | Corporates | 13080 | ||
| 2(b) | Individuals (Other than RIIs) | 76920 | ||
| 2(c) | Others | 10504 | ||
| 3 | Retail Individual Investors (RIIs) | 1926840 | 15924128 | 8.2644 |
| 3(a) | Cut Off | 15152800 | ||
| 3(b) | Price Bids | 771328 |
Monday, January 14, 2008
Saturday, January 12, 2008
Grey Market - Reliance Power, Future Capital, J Kumar Infra Projects
Future Capital Holdings 700 to 765 570 to 580
Reliance Power 405 to 450 350 to 360
SVPCL 42 DISCOUNT
Porwal Autocomponents 75 DISCOUNT
Precision Pipes & Profiles 150 20 to 25
J. Kumar Infraprojects 110 to 120 22 to 25
Friday, January 11, 2008
Future Capital Holdings IPO Analysis
Future Capital Holdings (FCH), the financial services arm of the Future Group, was incorporated by Pantaloon Retail (India) (PRIL) in 2005. PRIL holds a 74% stake in the company, while the hedge fund Och Ziff Capital holds 10%. Co-promoters Sameer Sain and other senior employees hold the remaining stake. FCHL is coming out with a public issue to augment the capital base to meet its future growth, particularly to finance the expansion of Future Money.
FCH is currently in three primary businesses: investment advisory services, retail financial services, and research. Investment advisory includes private equity and real-estate investment advisory services to onshore and offshore clients. This asset management business has four funds under management: Kshitij ($850-million domestic real-estate fund), Horizon ($350-million international real-estate fund); Indivision ($400-million non-leveraged private equity fund); and a new hospitality fund ($350 million).
FCH launched Future Money, the retail financial services arm that currently focus on two main products, consumption loans and personal loans, in June 2007. Further, it has entered into an agreement with ICICI Bank for marketing and distribution of Future Card, a credit card offering loyalty points. Presently, Future Money has 95 outlets in the retail stores of PRIL and its subsidiaries in 26 cities.
Strengths
Has over US$ 1.5-billion assets under management within two years of operation. Has strong group synergies and well-experienced management team with talented pool of professionals.
Minimal customer acquisition cost due to agreement with PRIL, giving exclusive right to provide financial products and services at retail outlets owned, controlled or managed by PRIL and its subsidiaries. This provides access to PRIL’s approximately 400 stores across 40 cities and its large customer base that engaged in over 450 lakh transactions in PRIL stores in financial year ending March 2007 (FY 2007).
Weaknesses
Has limited operating history, devoid of any earning track record. Incurred a consolidated loss of Rs 12.43 crore in the six months ended September 2007, primarily reflecting the start-up cost of the new Future Money business.
Many subsidiaries have generated negative cash flows in the recent fiscal. Also, two of the subsidiaries have had a negative net worth in the past years. Indivision Investment Advisors (IIAL) had a negative net worth of Rs 214.25 lakh in FY 2006. Myra Mall Management Company (MMMCL) had a negative net worth of Rs 65.41 lakh end September 2007 and Rs 28.92 lakh in FY 2007.
The new retail business focuses on consumption and personal loans as well as credit cards. With many matured players already existing, competition is high in the retail business. Also, these loans are unsecured. As the group has little experience in financial services, the delinquency ratio can shoot up in future.
Almost 76% of the total revenue came from advisory business in FY 2007. However, majority of the investments advised belong to the real-estate and hospitality sectors, which are cyclical in nature.
Valuation
At the offer price band of Rs 700-Rs 765, P/E based on full year ended FY 2007 EPS of 0.60 works to 1,167 (on lower band) to 1,275 (on upper price band) times. P/E of other comparable listed players are: India Bulls Financial Services (51.4 times), India Infoline Financial Services (133.7 times), IL&FS Investsmart (44.2 times), and Reliance Capital (96.6 times). At the offer price, market cap of Future Capital will stand at Rs 4,430-4,845 crore compared to market cap of Rs 67,942.49 for Reliance Capital, Rs 22,780 crore for India Bulls and Rs 10,108 crore for India Infoline.
The wafer thin profit turned into losses in the first half of the current fiscal. In H1 of FY 2008, consolidated total income was Rs 31.27 crore, on which a net loss of Rs 12.43 crore after prior period item and share of minority interest was incurred.
Saturday, January 05, 2008
Analyst Meet - Future Capital Holdings
The Analyst Meet will be held on Jan 7 2008
Time - 6.45 PM
Venue - Rooftop Hall, Hilton Towers
Future Capital Holdings Grey Market Premium
Future Capital Holdings 700 to 765 525 to 550
Reliance Power 405 to 450 420 to 425
SVPCL 42 DISCOUNT
Aries Agro 130 35 to 40
Manaksia Ltd. 160 15 to 20
Porwal Autocomponents 75 DISCOUNT
Precision Pipes & Profiles 150 25 to 30
Friday, January 04, 2008
Grey Market - Future Capital , Reliance Power, Aries Agro
Future Capital Holdings 700 to 765 380 to 400
Reliance Power 405 to 450 400 to 420 (per 1L application - 9000 )
SVPCL 42 DISCOUNT
Aries Agro 130 20 to 25
Manaksia Ltd. 160 12 to 15
Porwal Autocomponents 75 DISCOUNT
Precision Pipes & Profiles 150 20 to 25
Thursday, January 03, 2008
Grey Market - Future Capital, Reliance Power
Future Capital Holdings 700 to 765 300 to 320
Reliance Power 405 to 450 360 to 370
BGR Energy 480 360 to 380
Burnpur Cement Ltd. 12 6 to 8
SVPCL 42 DISCOUNT
Aries Agro 130 25 to 30
Manaksia Ltd. 160 10 to 15
Porwal Autocomponents 75 DISCOUNT
Precision Pipes & Profiles 150 20 to 22
Subscribe to:
Posts (Atom)