Akme Fintrade India's IPO Closes Today; Subscribed 23x So Far

21 Jun 2024 , 12:28 PM

The initial public offering (IPO) of Akme Fintrade India, which opened for subscription on Wednesday, June 19, is set to close today. The non-bank financial company (NBFC) has already secured approximately ₹38 crore from anchor investors, just before the IPO opened for public bidding.

Subscription Status

As of 12:20 PM on the third day, the subscription details are as follows:

• Overall Subscription: 22.99 times
• Retail Investors: Subscribed 24.66 times
• Non-Institutional Investors (NII): Subscribed 57.21 times
• Qualified Institutional Buyers (QIBs): Subscribed 30%

IPO Allocation

The IPO allocation is structured as follows:

• Qualified Institutional Buyers (QIB): 50% of shares
• Non-Institutional Investors (NII): 15% of shares
• Retail Investors: 35% of shares
• Employees’ Segment: Reserved 5,50,000 equity shares

IPO Details

The Akme Fintrade IPO is valued at ₹132 Crore, consisting entirely of a fresh issue with no offer-for-sale component.

Use of Proceeds

The proceeds from the IPO are intended for:

1. Increasing the company’s capital base to meet future capital requirements associated with business and asset expansion.
2. Covering issue-related expenditures.

Management and Registrar

• Book-Running Lead Manager: Gretex Corporate Services Limited
• Registrar: Bigshare Services Pvt Ltd