Akiko Global Services, a company that partners with major banks and non-banking financial companies (NBFCs) in India to distribute and sell financial products like credit cards and loans, launched its IPO today.
Subscription Status
As of 2:05 pm on the first day of the bidding process, the IPO has been subscribed 0.50 times. This means it received bids for 10.44 lakh shares against the 20.81 lakh shares on offer. The retail category saw a subscription of 0.96 times, while the Non-Institutional Investors (NII) category was subscribed 0.20 times.
Grey Market Premium (GMP)
The grey market premium (GMP) for Akiko Global Services IPO today is ₹18 per share. This indicates that shares were trading at ₹95 each in the grey market, which is a 23.38% premium over the IPO price of ₹77 per share.
IPO Details
- Subscription Period: The IPO opened on Tuesday, June 25, and will close on Thursday, June 27.
- Allotment Date: Expected to be July 1.
- Listing Date: Expected to be July 2 on the NSE Emerge Platform.
- Price Band: ₹73 to ₹77 per share.
- Total Issue Size: The company aims to raise ₹23.11 crore by issuing 30.02 lakh equity shares.
- Lot Size: 1,600 shares with a minimum investment of ₹123,200 for retail investors.
Use of Funds
The company plans to use the proceeds for:
- Implementing ERP solutions and TeleCRM
- Developing mobile applications for financial products
- Meeting working capital requirements
- Enhancing brand visibility and awareness
- General corporate purposes
Lead Manager and Registrar
Fast Track Finsec Private Limited is the Book Running Lead Manager for the IPO, and Skyline Financial Services Private Limited is the registrar.
Company Background
Akiko Global Services specializes in distributing financial products for leading banks and NBFCs in India. Their advanced digital marketing strategies, including effective Google SEO campaigns and diverse marketing channels like telemarketing and digital campaigns, drive their success.
Their platform, Money Fair, uses advanced algorithms for unbiased credit evaluation, giving customers options with multiple lenders.
Financial Performance
In FY23, Akiko Global Services reported:
- Revenue: ₹39.58 crore
- EBITDA: ₹6.32 crore
- Net Profit: ₹4.53 crore
For the 10 months ending January 2024, the company reported:
- Revenue: ₹26.09 crore
- EBITDA: ₹4.60 crore
- Net Profit: ₹3.21 crore
Managing Director Priyanka Dutta highlighted the company’s commitment to advanced digital marketing and diverse channels to drive growth and success.
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