Kishore Biyani-led Future Capital Holdings is likely to be the first company to hit the capital markets in 2008 to raise up to Rs 490 crore (Rs 4.9 billion), for which it has fixed a price band of Rs 700-765 per share.

The company moved the Registrar of Companies for necessary approvals last evening and the issue is expected to hit the market by middle of the month, sources in the know of the development said. Future Capital would offer 64.22 lakh (Rs 6.4 million) equity shares of Rs 10 face value at a price to be decided through the book-building process.