Akiko Global Services IPO: Issue subscribed over 30 times on last day, check key details

The Akiko Global Services IPO was subscribed 30 times on Thursday, June 26, the final day of bidding. Till 5 PM, the book-built issue had received bids for 7,25,82,400 shares, far exceeding the 20,68,800 shares available for subscription.

In the retail category, the public issue was subscribed 45.22 times, with 4,51,48,800 bids received against the 9,98,400 shares available. The Non-Institutional Investor (NII) category saw a subscription of 48.39 times, with bids for 2,07,53,600 shares compared to 4,28,800 equity shares on offer.

In the Qualified Institutional Buyer (QIB) category, the issue was subscribed 10.4 times, with bids for 66,80,000 shares against the 6,41,600 shares available.

Akiko Global Services IPO price and other details

Akiko Global Services IPO, valued at Rs 23.11 crore, comprises entirely a fresh issue of 30.02 lakh shares each with a face value of ₹10. This includes an allocation of 1.50 lakh equity shares for the market makers – Nikunj Stock Brokers. The Akiko Global Services IPO is tentatively scheduled to be listed on the NSE SME platform.

The price band for the Akiko Global Services IPO has been set in the range of ₹73 and ₹77 per share, with a minimum application lot size of 1,600 shares, requiring an investment of ₹1.23 lakh from retail investors.

High Net Worth Individuals (HNI) are required to apply for a minimum of two lots, equivalent to 3,200 shares, amounting to an investment of ₹2.46 lakh. Investors can bid for additional shares in multiples of 1,600.

Fast Track Finsec Pvt Ltd serves as the book-running lead manager for the Akiko Global Services IPO. Skyline Financial Services Private Ltd handles the registrar's duties for the issue.

Akiko Global Services IPO key dates

The subscription window for the Akiko Global Services IPO opened on June 25. After the bidding period ends on Thursday, June 27, the IPO’s share allotment, initiation of refunds to non-allottees and crediting of shares to Demat accounts of successful applicants are all scheduled for Monday, July 1.

The tentative listing date for Akiko Global Services shares on the stock exchange is July 2.

Akiko Global Services IPO objectives

Akiko Global Services plans to allocate the net proceeds from the IPO to meet several key objectives. These include implementing an ERP solution and TeleCRM. Additionally, the development of a mobile application for financial product solutions is on the agenda. The funds will also address working capital needs and general corporate purposes.

About Akiko Global Services Limited

Established in 2018, Akiko Global Services Limited works closely with banks and non-banking financial companies (NBFCs) across India. It specialises in the distribution and sale of financial products, especially credit cards and loans.

Akiko Global Services Limited’s business model integrates multiple strategies for customer acquisition including tele-calling, \feet-on-street approach and digital marketing.

To know more about IPOs listing, schedule and upcoming IPOs, click here