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Akme Fintrade India Ltd IPO Subscribed 1.17x on Day 1

21 June 20243 mins read by Angel One
On the 1st day of subscription, i.e., June 19, 2024, the IPO was subscribed 1.17x. QIBs subscribed 0.01x, NIIs 1.62x, and retail investors subscribed 1.79x.
Akme Fintrade India Ltd IPO  Subscribed 1.17x on Day 1
ShareShare on 1Share on 2Share on 3Share on 4Share on 5

Akme Fintrade India Ltd IPO (Aasaan Loans IPO) opened for subscription on June 19, 2024, and will close on June 21, 2024. Aasaan Loans IPO is a book-built issue of ₹132.00 crores. The issue is entirely a fresh issue of 1.1 crore shares.

Aasaan Loans IPO price band has been set at ₹114 to ₹120 per share. The minimum lot size for an application is 125 Shares. The minimum amount of investment required by retail investors is ₹15,000. The minimum lot size investment for sNII is 14 lots (1,750 shares), amounting to ₹2,10,000, and for bNII, it is 67 lots (8,375 shares), amounting to ₹10,05,000.

The company has appointed Gretex Corporate Services Limited as the book-running lead manager of the Aasaan Loans IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.

Day Wise Subscription

On the 1st day of subscription, i.e., June 19, 2024, the IPO was subscribed 1.17x. QIBs subscribed 0.01x, NIIs 1.62x, and retail investors subscribed 1.79x.

Grey Market Premium

Aasaan Loans IPO last GMP is ₹48. With a price band of ₹120.00, the estimated listing price of the Aasaan Loans IPO is ₹168 (cap price + today’s GMP). The expected percentage gain/loss per share is 40.00%.

About Akme Fintrade India Ltd

Incorporated in 1996, Akme Fintrade India Ltd is a non-banking financial company (NBFC) with over 20 years of experience in lending to rural and semi-urban areas in India. The company mainly provides lending solutions tailored to the needs and aspirations of rural and semi-urban populations. Its portfolio comprises Vehicle Finance and Business Finance Products for small business owners.

The company operates in rural and semi-urban areas across four Indian states – Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat. It has a registered office in Udaipur, Rajasthan, and a Corporate Office in Mumbai, Maharashtra. With 12 branches and over 25 points of presence, including digital and physical branches, it has served over 2,00,000 customers.

The company finances the purchase of new two-wheelers and three-wheelers, such as scooters, motorcycles, and auto rickshaws, for salaried professionals and self-employed non-professionals. As of December 31, 2023, the company had 125 permanent employees and prioritised their overall welfare.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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