The initial public offering (IPO) of Akme Fintrade (India) Ltd saw enthusiastic participation from investors during its three-day subscription period. The IPO, which started on Wednesday, June 19, 2024, was oversubscribed by the time it closed on Friday, June 21, 2024.
Investors are now eagerly awaiting the allotment results, expected to be finalized on Monday, June 24, 2024. The Akme Fintrade IPO was oversubscribed by a staggering 55.12 times on the final day of bidding. It received bids for 43,35,52,375 shares against the available 78,65,000 shares on offer.
Key Details of Akme Fintrade IPO
- Issue Size: ₹132 crore, consisting entirely of fresh shares with no offer-for-sale (OFS) component.
- Price Band: ₹114 to ₹120 per share with a face value of ₹10 each.
- Lot Size: 125 equity shares, with subsequent lots in multiples of 125 shares.
- Allocation: 50% to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs), and 35% to retail investors. Additionally, 5,50,000 equity shares were reserved for employees.
- Utilization of Proceeds: The funds raised will bolster the company’s capital base to support future business and asset expansion plans. Part of the proceeds will also cover expenses related to the IPO.
- Management: Gretex Corporate Services Limited is the book-running lead manager, and Bigshare Services Pvt Ltd is the registrar.
- Promoters: The company is promoted by Nirmal Kumar Jain, Manju Devi Jain, Dipesh Jain, and Nirmal Kumar Jain HUF.
Investors and market watchers are keenly observing the allotment process following the strong response to the IPO, highlighting significant investor interest in Akme Fintrade (India) Ltd.
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