Birla Global Finance-Citibank combine, Kotak Mahindra Finance, HDFC Bank and a host of others have lined up to finance the IPO. Some of them also plan to finance the other forthcoming IPOs which include Vintage Cards, Compucom Software and Hughes Software. In the Polaris IPO, which had managed to mobilise close to Rs 1900 crore against its initial issue size of Rs 92 crore, the finance companies and the banks together, had put in close to Rs 800 crore, say market sources.

The Pune-based Kale Consultants is offering 31,87,500 equity shares at a premium of Rs 110 aggregating Rs 38.25 crore. The issue is being lead managed by DSPMerrill Lynch.

This time around, BGFL-Citibank combine is financing new issues where investors has to put in 25 per cent of the total value of the investment the balance to be put in by the financier. Whereas the first applicant is the investor himself, the second applicant would be the financing company.According to Vivek Seth of Birla Global Finance, the new issue financing schemes are in line with the company's policy of lending a helping hand to the primary capital market. And the financing is basically demand driven.

Incidentally, BGFL was the first financing company which pioneered the concept of new issue financing in India. According to a BSE broker, all those who failed to get allotment in the recently concluded Polaris Software Labs IPO is sure to come back to try their luck with the Kale Consultants issue. ``And since the allotment and the refund process for Polaris IPO is already over, it is expected that a substantial portion of that money is going to come back to this (Kale) issue,'' saidthe broker.

According to KVS Manian of Kotak Mahindra Finance, the company has put in place schemes for financing the Kale Consultants IPO and also some other forthcoming IPOs.