Akiko Global Services IPO listing: Shares list at 27% premium to issue price on NSE SME

Akiko Global Services Ltd made a strong debut on the NSE SME platform, Emerge, on Tuesday, July 2. Shares of the company were listed at a premium of 27% at ₹98 apiece against the issue price of ₹77.

After opening at a strong premium to the issue price, shares of Akiko Global Services Ltd dropped up to 5% to an intraday low of ₹93.1 apiece on the NSE amid profit booking. Within the 30 minutes of debut trade, more than 10 lakh shares changed hands with the total trading value reaching nearly ₹10 crore. The company’s market capitalisation stood at ₹101.02 crore.

Akiko Global Services launched the public offer on June 25 to raise ₹23.11 crore through a book-built issue. The public offer's subscription window closed on June 27. The initial public offer of Akiko Global comprised a fresh issue of 30.02 lakh shares.

Akiko Global Services IPO was subscribed 35 times on the final day of bidding on June 27. The NSE SME public offer received bids for a total 7.27 crore shares, against 20.81 lakh shares available for subscription.

In the retail category, Akiko Global Services public issue was subscribed 45.57 times. The Non-Institutional Investors’ (NIIs) category was booked 48.05 times while the Qualified Institutional Buyers' (QIBs) segment was booked 10.21 times.

Akiko Global Services IPO price band was fixed in the range of ₹73 and ₹77 per share. The minimum lot size for application was 1,600 shares, aggregating to an investment of ₹1.23 lakh for retail investors. For High Net Worth Individuals (HNIs), the minimum lot size for making an application was 2 lots or 3,200 shares, amounting to an investment of ₹2.46 lakh.

The company had appointed Fast Track Finsec Pvt Ltd as the book-running lead manager and Skyline Financial Services Private Ltd as registrar to the public issue.

Akiko Global Services Ltd will use the net proceeds from the IPO to meet its many objectives, including implementing an ERP solution and TeleCRM. Besides, the company will use the funds towards the development of a mobile application for financial product solutions. The proceeds will also be used to address working capital requirements and general corporate purposes.

Akiko Global Services is into the distribution and sale of financial products, especially credit cards and loans. Its business model integrates multiple strategies for customer acquisition, including tele-calling, feet-on-street approach and digital marketing.