Akme Fintrade IPO Subscribed 55.12 Times On Day 3
The IPO has been subscribed 55.12 times as of 7 p.m. on Friday.
The initial public offering of Akme Fintrade (India) Ltd., which operates Aasaan Loans, has been subscribed 55.12 times on its third and final day on Friday.
The issue was subscribed 11.62 times on day two and 3.01 times on the first day. Investors who bid for the issue can check the Akme Fintrade (India) IPO allotment status here.
The company aims to raise Rs 132 crore from the IPO, which comprises a fresh issue of 1.1 crore equity shares with no offer-for-sale component.
Akme has set a price band of Rs 114–120 per share for the issue. The minimum lot size will be 125 shares, with further bids to be made in multiples thereof.
The company raised Rs 37.6 crore from anchor investors on Tuesday. The issue also has 5.5 lakh shares reserved for its employees, and the tentative listing date is June 26.
Gretex Corporate Services Ltd. is the sole book-running lead manager for the issue.
Issue Details
Issue opens: June 19.
Issue closes: June 21.
Issue price: Rs 114–120 per share.
Fresh issue: 1.1 crore equity shares.
Total issue size: Rs 132 crore.
Bid lot: 125 shares.
Listing: BSE and NSE.
Business
Udaipur-based Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in four states — Rajasthan, Maharashtra, Madhya Pradesh and Gujarat.
The company's portfolio includes vehicle finance and business finance products for small business owners. Proceeds of the issue are proposed to be used to augment the capital base of the company.
Subscription Status: Day 3
The IPO has been subscribed 55.12 times as of 7 p.m. on Friday.
Institutional investors: 28.12 times
Non-institutional investors: 130.33 times.
Retail investors: 45.78 times.
Employee reserved: 5.53 times.
