Akme Fintrade India IPO: What latest GMP indicates as focus shifts to allotment

Akme Fintrade India IPO: The initial public offering (IPO) of Akme Fintrade (India) Ltd received an overwhelming response from investors during its recent three-day subscription period. The mainboard IPO of the non-banking finance company (NBFC) opened for subscription on started from Wednesday, June 19, 2024 and was oversubscribed when it closed on Friday, June 21, 2024.

The focus of investors has now shifted to the allotment, as it is expected to be finalized on Monday, June 24, 2024. Akme Fintrade IPO was subscribed over 55.12 times subscription on the third day of bidding. The initial share sale received bids for 43,35,52,375 shares against 78,65,000 shares on the offer.


Akme Fintrade IPO details

Akme Fintrade IPO, which is worth 132 crore, completely comprises a fresh issue without any offer-for-sale (OFS) component. The price band was established between 114 and 120 per face value of 10 each. The Akme Fintrade IPO lot size is 125 equity shares, with subsequent lots being multiples of 125 equity shares.

The Akme Fintrade IPO had allocated 50 per cent of the shares to qualified institutional buyers (QIB), 15 per cent to non-institutional institutional investors (NII), and 35 per cent to retail investors. The employees’ segment has been reserved 5,50,000 equity shares.

The firm intends to use the net proceeds from the issue to increase the capital base to meet future capital requirements that are expected to occur as a consequence of business and asset expansion. Furthermore, a part of the revenues from the issuance will be utilised to cover issue-related expenditures.

Gretex Corporate Services Limited is the book-running lead manager for the Akme Fintrade IPO, while Bigshare Services Pvt Ltd is the registrar. The promoters of the company are Nirmal Kumar Jain, Manju Devi Jain, Dipesh Jain and Nirmal Kumar Jain HUF.

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Published: 22 Jun 2024, 09:32 PM IST

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