Akme Fintrade IPO subscribed over 10 times on day 2 so far; check key dates

Akme Fintrade IPO (initial public offering), which is live from June 19 to June 21, has been subscribed more than ten times on the day two of bidding so far.

Till 4:10 pm, the IPO was booked 10.12 times. The company, which goes by Aasaan Loans brand name, received bids for 7.95 crore shares as against 78 lakh shares on offer.

The non-institutional investors (NIIs) portion received a strong response, with the portion set aside for them being booked 18.14 times. The retail investors portion was subscribed 13.75 times.

The ₹132 crore offer is a fresh issuance of 1.1 crore shares. The company has raised ₹38 crore ahead of IPO from anchor investors, including SB Opportunities Fund 1, Zeal Global Opportunities Fund, Vikasa India EIF Fund 1 and 3 Sigma Global Fund.

The proceeds from the IPO, which has set a price band of ₹114 to ₹120 per share, will be utilised to increase the capital base of the company to meet future capital requirements.

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Aasaan Loans IPO: Key dates

• Bidding period: June 19 to June 21
• Allotment finalisation: June 24
• Refund initiation: June 25
• Transfer of shares to Demat account: June 25
• Listing: June 26

About Akme Fintrade India Ltd

Akme Fintrade (India) Limited, a non-banking financial company, offers loan products from vehicle to business finance in rural and semi-urban areas.

Its customers include individuals looking for vehicle financing, including for used commercial vehicles and two-wheelers. It also offers financing to small businesses and micro, small and medium enterprises (MSMEs).

The company reported revenue of ₹69.5 crore in the financial year 2022-23, up from ₹67.4 crore in the previous fiscal year. Its net profit in FY23 stood at ₹15.8 crore, reflecting a 73.9% year-on-year (YoY) increase.

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