The Akme Fintrade IPO is set to list on the stock exchange tomorrow, Wednesday, June 26. The IPO allotment was finalized on Monday, June 24, and shares will be credited to demat accounts today, Tuesday, June 25. Refunds for those who didn’t receive shares will also be processed today.
IPO Subscription Status
The Akme Fintrade IPO was heavily subscribed, with a subscription rate of 55.12 times by the end of the bidding period on June 21. The IPO had a price range of ₹114-120 per share and raised nearly ₹38 crore from anchor investors. Akme Fintrade, based in Udaipur, focuses on providing loan solutions to rural and semi-urban areas in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat. The company offers both vehicle and business loans for small business owners.
Grey Market Premium (GMP)
Currently, the grey market premium (GMP) for Akme Fintrade shares is ₹20, suggesting that the shares are trading at a premium of ₹20 in the grey market. This implies an estimated listing price of ₹140 per share, which is 16.67% higher than the top end of the IPO price band of ₹120.
Analysts’ Insights
According to investorgain.com, the current GMP of ₹20 indicates a downward trend compared to the last 13 sessions, where the GMP ranged from a low of ₹0 to a high of ₹48. The grey market premium reflects investors’ willingness to pay more than the IPO price.
IPO Details
The Akme Fintrade IPO is valued at ₹132 crore and consists entirely of fresh issue shares, with no offer-for-sale component. The proceeds will be used to boost the company’s capital base to meet future capital needs arising from business and asset expansion. Additionally, some of the funds will cover IPO-related expenses.
Gretex Corporate Services Limited is the book-running lead manager for the IPO, and Bigshare Services Pvt Ltd is the registrar.
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