Akme Fintrade IPO fully subscribed within hours of launch: Check price band, lot size, and other key details

Akme Fintrade Ltd (Aasaan Loans) IPO opened to strong demand on Wednesday, June 19, as the public issue was fully subscribed within hours of launch.

Akme Fintrade Ltd IPO received bids for over 2.30 crore shares against 78.65 lakh shares on offer, as per the NSE data. The issue was subscribed 2.93 times until 4:30 pm on the first day of bidding.

Retail investors led the demand for Akme Fintrade’s IPO as they placed bids for nearly 1.48 crore shares against 36.57 lakh shares set aside for the category. The retail portion was booked 4.05 times.

The non-institutional investors (NIIs) placed bids for over 78.9 lakh shares compared to 15.67 lakh shares set aside for them leading to a subscription of 5.08 times in the category.

The employees of the company placed bids for over 2 lakh shares compared to the 5.5 lakh shares set aside for them. The Qualified Institutional Buyers’ (QIBs) segment received bids for over 10,000 shares.

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Akme Fintrade IPO size

Akme Fintrade IPO(Aasaan Loans ) is a book-building issue worth ₹132 crore and consists of an entirely fresh issue of 1.1 crore shares.

Akme Fintrade IPO price band, lot size

The Akme Fintrade IPO price band has been set at ₹114 to ₹120 per share. Retail investors can bid for at least 1 lot comprising 125 Shares , which aggregates to a minimum investment of ₹15,000.

Akme Fintrade IPO: Share allotment status, listing date

Akme Fintrade IPO subscription date ends on June 21. Akme Fintrade IPO allocation status is expected to be finalised by Monday, June 24. Successful bidders will receive the company’s shares in their Demat accounts on Tuesday, June 25, and refunds for unsuccessful bidders will be initiated on the same day. Shares of Akme Fintrade (Aasaan Loans) are likely to list on the NSE and BSE on Wednesday, June 26.

Akme Fintrade IPO objective

Akme Fintrade plans to use the funds generated via the public issue for augmenting the capital base of the company. Additionally it will utilise the funds for fulfilling future capital requirements, likely to arise from business expansion. The money raised via the issue will also be used for meeting Issue-related expenses.

The book-running lead manager for Akme Fintrade IPO is Gretex Corporate Services and the registrar for the mainboard issue is Bigshare Services Pvt Ltd.

About Akme Fintrade Limited

Akme Fintrade Limited was incorporated in 1996 and operates as a NBFC. The company has over two decades of experience in lending to rural and semi-urban areas. The lending solutions provider’s portfolio consists of Vehicle Finance and Business Finance Products for small business owners.

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