Akanksha Power IPO Day 3: Check subscription status, GMP and other details

Akansha Power and Infrastructure initial public offering (IPO) opened for subscription today, December 27 and closed on December 29. The company has set a price band at ₹52 to ₹55 per share.

Akanksha Power and Infrastructure IPO subscription status

The issue witnessed a stellar response from investors and was subscribed 117.39 times on the final day of bidding on December 29. It had received bids for 38,97,20,000 shares as against 33,20,000 on offer.

The retail portion of the SME IPO was subscribed 110.44 times, followed by Non Institutional Investors (NII) quota was subscribed 238.60, Qualified Institutional subscribed 38.51 times.

The issue was subscribed 4.35 times on the opening day, with retail portion being booked 3.95. On the second day, the IPO was subscribed 19.36 times, retail quota booked 27.62.

Also read: HRH Next Services IPO: Check subscription status on day 3, GMP and other details

Akanksha Power and Infrastructure IPO GMP Today

The grey market premium (GMP) of the public offer was ₹10 per share on December 29 down from ₹15 per share yesterday. According to data available on Chittorgarh, the listing price of the issue is expected to be ₹65 per share, which is 18.18% higher than the issue price.

However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.

Akanksha Power and Infrastructure IPO details

Akanksha Power and Infrastructure IPO is a book-built issue of ₹27.49 crores and is entirely a fresh issue of 49.98 lakh shares. 

The minimum lot size for an application is 2000 shares. The minimum amount of investment required by retail investors is ₹110,000, meanwhile, the minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹220,000.

The allotment for the Akanksha Power and Infrastructure IPO is expected to be finalized on Monday, January 1, 2024. The shares will list on NSE SME with a tentative listing date fixed as Wednesday, January 3, 2024.

Narnolia Financial Services Ltd is the book running lead manager of the Akanksha Power and Infrastructure IPO, while Link Intime India Private Ltd is the registrar for the issue. The market makers for Akanksha Power and Infrastructure IPO are Nikunj Stock Brokers and Ss Corporate Securities.

The issue offers a total of 4,998,000 shares, including 948,000 (18.97%) reserved for QIB, 712,000 (14.25%) for NII, 1,660,000 (33.21%) for RII and 1,418,000 (28.37%) to Anchor investors.

The promoter of the company is Bipin Bihari Das Mohapatra and Chaitali Bipin Dasmohapatra.

The company had raised over ₹7.80 crore from anchor investors on December 26, a day before it opened for bidding. It finalized allocation of 14,18,000 equity shares, to Anchor Investors at an offer price ₹55/- per share, the company said in an exchange filing.

LC Radiance Fund VCC, Resonance Opportunities Fund, Moneywise Financial Services Private Limited and Nexus Global Opportunities Fund were the participants in the anchor investors bid held by the company.

Also read: Shri Balaji Valve Components IPO: Check GMP, subscription status on day 3, other key details

Akanksha Power and Infrastructure IPO: Should you buy?

Dilip Davda, the contributing editor at Chittorgarh, while giving ‘Apply’ tag said, “The company is in the business of sustainable quality power solutions with latest technology and enjoys a niche place. Uniqueness of their technological products are set to revolutionize the trends going forward. However, it marked inconsistency in its bottom lines for the reported periods and based on FY24 annualized earnings, the issue appears fully priced. Investors may park funds for the medium to long term rewards.”