The public issue of Akme Fintrade India, widely known as Aasaan Loans, was subscribed 11.63 times on June 20. The price band for the issue has been fixed at ₹114-120. The lot size for the Akme Fintrade IPO is 125 equity shares.
The ₹132-crore initial public offering (IPO) of Acme Fintrade India will close today. The IPO saw an overwhelming response from all categories of investors.
The entire offer is fresh issue of 1.1 crore shares from the NBFC.
The issue received bids for 9.14 crore equity shares, against the IPO size of 78.65 lakh equity shares on the second day of bidding. Non-institutional investors (high net-worth individuals) are the more aggressive so far, as their portion was subscribed 22.22 times, followed by retail investors (15.16 times).
However, qualified institutional investors portion is still undersubscribed at 0.17 times, but that of employees saw a response of 1.56 times. 5.5 lakh shares have been reserved for employees.
As part of the IPO, the Udaipur-based non-banking finance company Akme Fintrade (India) Ltd has raised nearly ₹38 crore from anchor investors.
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The company has allotted 31.35 lakh shares at ₹220 a share to anchor investors, including Sigma Global Fund, Zeal Global Opportunities Fund, SB Opportunities Fund 1, and Vikasa India EIF Fund 1.
Funds raised will primarily be used to strengthen Akme Fintrade (India) Ltd’s capital base, supporting its future business growth and asset expansion.
Akme Fintrade operates in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat. Its portfolio includes vehicle finance and business finance products for small business owners.
Gretex Corporate Services is the sole book running lead manager of the Aasaan Loans IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both NSE and BSE