The public issue of Akme Fintrade India, widely known as Aasaan Loans, was subscribed 55.12 times. The ₹132-crore initial public offering (IPO) which had a price band of ₹114-120 saw an overwhelming response from all categories of investors.
The entire offer is the fresh issue of 1.1 crore shares from the NBFC.
The issue received bids for about 43.36 crore shares against the IPO size of 78.65 lakh shares. Non-institutional investors (high net-worth individuals) were the most aggressive, as their portion was subscribed 130.33 times, followed by retail investors (45.78 times).
The quota reserved for qualified institutional investors was subscribed 28.12 times, and that of employees 5.53 times. About 5.5 lakh shares were reserved for employees.
As part of the IPO, the Udaipur-based non-banking finance company Akme Fintrade had raised nearly ₹38 crore from anchor investors. The company allotted 31.35 lakh shares at ₹220 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