Akme Fintrade India (Aasaan Loans) is scheduled to finalise the basis of allotment of its shares on Monday, June 24. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Tuesday, June 25. The non-banking financial company had received a bumper response from the investors.
The IPO of Akme Fintrade (India) was open for bidding June 19 and June 21. The Udaipur based company had sold its shares in the price band of Rs 114-120 per share with a lot size of 73 shares. The company raised Rs 132 crore via its primary offering, which entirely included a fresh share sale of Rs 1.1 crore equity shares.
The issue was overall subscribed a stellar 55.12 times. The quota for qualified institutional bidders (QIBs) was booked 28.12 times The quota for non-institutional investors was subscribed 130.33 times. The portions reserved for retail investors and employees saw bidding for 45.78 times and 5.53 times, respectively during the three-day bidding process.
Grey market premium (GMP) of Akme Fintrade (India) has remained stable following the closure of the bidding process. Last heard, the company was commanding a premium of Rs 30 per share, suggesting a listing pop of around 45 per cent for the investors. However, it was around Rs 45 apiece, when the issue closed for the bidding.
Incorporated in 1996, Akme Fintrade (India) is a non-banking financial company (NBFC) with over 20 years of experience in lending to rural and semi-urban areas in India. It 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.
Brokerage firms remain mixed on the issue, with a positive bias. Some suggest high risk appetite investors to subscribe to the issue on the back of demand for financial services and small issue size. However, others are skeptical on consistency of financial performance, high NPAs, and rich valuations of the company.
Gretex Corporate Services is the sole book running lead manager of the Akme Fintrade (India) IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both NSE and BSE with Wednesday, June 26 to be the tentative date of listing of shares.
Investors, who had bid for the issue of Akme Fintrade (India), can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Akme Fintrade (India) Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit
Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of Bigshare Services Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.
4) Enter the details of the mode you selected in Step 2
5) For security purposes, fill the captcha accurately
6) Hit Search to know your allotment status.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.