Akme Fintrade IPO: Issue subscribed over 41 times on day 3, NIIs portion booked most

Akme Fintrade IPO, which will close for subscription today at 5 pm, has received a robust response from investors, with the issue being booked over 41 times. The IPO went live on June 19.

Till 3 pm, the offer was subscribed 41.2 times, receiving bids for 32.4 crore shares as against 78 lakh shares on offer on day 3 of bidding so far.

The part set aside for non-institutional investors (NIIs) was booked 106 times, while qualified institutional buyers (QIBs) bid ten times. The retail portion was oversubscribed 36 times.

The IPO, with a price band of ₹114 to ₹120, intends to raise ₹132 crore via fresh issuance of 1.1 crore shares at the upper limit of the price band. The proceeds will be utilised to increase the capital base for future capital requirements.

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In the anchor round, the company, which goes by brand name Aasaan Loans, secured ₹38 crore from investors including 3 Sigma Global Fund, Vikasa India EIF Fund 1, Zeal Global Opportunities Fund and SB Opportunities Fund 1.

Aasaan Loans IPO: Timeline

• Issue period: June 19 to June 21
• Allotment finalisation: June 24
• Refund initiation: June 25
• Shares credit: June 25
• Listing: June 26

About Akme Fintrade India Ltd

The non-banking finance company (NBFC) provides loans for vehicle purchases, business financing, and other purposes in rural and semi-urban areas. It has 12 branches and more than 25 points of sale (POS) in Rajasthan, Gujarat, Maharashtra, and Madhya Pradesh. According to the IPO documents, it has served over two lakh customers.

In the financial year 2022-23 (FY23), the company's revenue from operations stood at ₹69.5 crore as against ₹67.4 crore in FY22. The net profit was recorded at ₹15.8 crore, a 73.9% increase year-on-year.

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