Akme Fintrade India IPO Closes Today: Check Subscription Status, GMP Today

Akme Fintrade India IPO/ Aasaan Loans IPO: The initial public offering (IPO) of non-banking finance company Akme Fintrade (India) Ltd is going to be closed today, June 21. The Rs 132-crore IPO, which was opened for public subscription on June 19, has received a decent response from investors. On the second day of bidding of Thursday, the IPO received 11.61 times subscription, garnering bids for 9,13,08,500 shares against 78,65,000 shares on offer.

The quota for non-institutional investors got subscribed 22.21 times while the category for Retail Individual Investors (RIIs) fetched 15.11 times subscription. The Qualified Institutional Buyers (QIBs) portion received 17 per cent subscription.

The Akme Fintrade India IPO or Aasaan Loans IPO had received 3 times subscription on the first day of bidding on Wednesday.

Akme Fintrade India IPO: Allotment And Listing Dates

The Akme Fintrade India IPO allotment will likely be finalised on June 24, while its listing will take place on both BSE and NSE on June 26.

Akme Fintrade India IPO: Price and Lot Size

The price band of the Akme Fintrade India IPO was fixed at Rs 114 to Rs 120 per share.

Investors need to apply for a minimum of 125 equity shares and in multiples thereof. Hence, the minimum investment by retail investors would be Rs 15,000 (125 (lot size) x Rs 120 (upper price band)).

Akme Fintrade India IPO GMP Today

According to market observers, unlisted shares of Akme Fintrade (India) Ltd are trading Rs 30 higher in the grey market as compared with its issue price. The Rs 30 grey market premium or GMP means the grey market is expecting a 25 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Akme Fintrade India IPO: More Details

The Akme Fintrade India IPO has a fresh issue of up to 1.1 crore equity shares. The price range for the offer is Rs 114-120 per share.

Akme Fintrade (India) Ltd on Tuesday said it has raised nearly Rs 38 crore from anchor investors.

Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in four states — Rajasthan, Maharashtra, Madhya Pradesh and Gujarat. The company’s portfolio includes vehicle finance and business finance products for small business owners.

Gretex Corporate Services is the book-running lead manager to the offer.

Shares of the company will be listed on the BSE and NSE.