Akme Fintrade IPO subscribed 3 times on Day 1; check GMP and other key details

Akme Fintrade IPO: Akme Fintrade's IPO witnessed strong enthusiasm from retail and non-institutional investors (NIIS), as the issue was subscribed over three times on the first day of subscription. 

Akme Fintrade's initial public offering (IPO) opened for subscription today (Wednesday, June 19) and will conclude on Friday, June 21.

As Mint reported earlier, the company raised about ₹38 crore from anchor investors on Tuesday, June 18. The anchor book featured Sigma Global Fund, Zeal Global Opportunities Fund, SB Opportunities Fund 1, and Vikasa India EIF Fund 1.

Akme Fintrade IPO subscription status

The retail portion of the IPO was subscribed 4.18 times on Day 1, receiving bids for 1,52,81,125 shares against the 36,57,500 offered.

The non-institutional investors (NIIS) segment saw even stronger subscriptions. According to data available with BSE, the NII portion was subscribed 5.15 times, receiving bids for 80,79,250 shares against 15,67,500 offered.

Overall, the IPO was subscribed 3.01 times, with a cumulative bid for 2,37,03,250 shares against 78,65,000 offered.

Akme Fintrade IPO key details

Akme Fintrade IPO is a fresh issue worth ₹132 crore, without any offer-for-sale component. The price band of the issue is ₹114 and ₹120 per share with a face value of ₹10 each. The lot size of the issue is 125 equity shares, with subsequent lots of multiples of 125 equity shares.

The IPO has reserved 50 per cent of the shares to qualified institutional buyers (QIB), 15 per cent to non-institutional institutional investors (NII), and 35 per cent to retail investors. The employees' segment has been reserved 5,50,000 equity shares.

The Akme Fintrade IPO share allotment status is expected to be finalised on Monday, June 24, and the shares are expected to be listed on Wednesday, June 26, 2024, on the BSE and NSE.

Akme Fintrade IPO GMP today

Akme Fintrade IPO's current grey market premium is 48. According to investorgain.com, this indicates that shares of the company trade at a premium of ₹48 in the grey market.

Considering the upper end of the IPO price band and the grey market's current premium, Akme Fintrade IPO's expected listing price was indicated at ₹168 apiece, which is 40 per cent higher than the IPO price of ₹120.

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