The initial public offer of Kishore Biyani-led Future Capital Holdings, expecting to raise up to Rs 490 crore (Rs 4.9 billion), on Friday got fully subscribed within the first four hours of opening.

The IPO of financial services arm of the Future Group received bids for 1.07 crore (107 million) 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-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 Ltd, Enam Securities, JM Financial [Get Quote] Consultants Private Limited and UBS Securities India are the book-running lead manager to the issue.

The issue would constitute 10.16 per cent of the post-issue paid-up capital of the company. At least 60 per cent of the issue shall be allocated on a proportionate basis to qualified institutional buyers.

Also five per cent of the QIB portion would be available for allocation on a proportionate basis to mutual funds only. Further, not less than 10 per cent of the issue would be allocated on a proportionate basis to non-institutional bidders and about 30 per cent to retail individual bidders.