Akme Fintrade IPO Subscription Status

Tanushree Jaiswal

Last Updated: 21st June 2024 - 07:28 pm

Akme Fintrade India - IPO subscription Status on Day-3

As of 6.56 pm on 21st June 2024, out of the 78.65 lakh shares on offer in the IPO (excluding anchor portion), Akme Fintrade India saw bids for 4,335.52 lakh shares. This implies an overall subscription of 55.12X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the Akme Fintrade IPO was as under:

Employees (5.53X)

QIBs (28.12X)

HNI / NII (130.33X)

Retail (45.78X)

The subscriptions were led by the HNI / NII investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Investor Category	Subscription (times)	Shares Offered	Shares Bid For	Total Amount (₹ in Crore)
Anchor Investors	1.00	31,35,000	31,35,000	37.62
Employee Quota	5.53	5,50,000	30,43,750	36.53
QIB Investors	28.12	20,90,000	5,87,62,125	705.15
HNIs / NIIs	130.33	15,67,500	20,42,94,250	2,451.53
Retail Investors	45.78	36,57,500	16,74,52,250	2,009.43
Total	55.12	78,65,000	43,35,52,375	5,202.63

Data Source: BSE

The IPO is open up to June 21, 2024, at which point we will know the final subscription status of the IPO. As of the close of Friday, June 21, 2024, the subscription to the IPO has closed and the subscription ratio update above is the final subscription number.

The stock of Akme Fintrade India has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹114 to ₹120 per share. The issue opened for subscription on 19th June 2024 and closed for subscription on 21st June 2024. The credits to the demat account to the extent of shares allotted will happen by the close of 25th June 2024 under ISIN (INE916Y01019).

Akme Fintrade India - IPO Subscription Status on Day-2

As of 5.19 pm on 20th June 2024, out of the 78.65 lakh shares on offer in the IPO (excluding the anchor portion), Akme Fintrade India saw bids for 914.84 lakh shares. This implies an overall subscription of 11.63X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the Akme Fintrade IPO was as under:

Employees (1.56X)

QIBs (0.17X)

HNI / NII (22.22X)

Retail (15.16X)

The subscriptions were led by the HNI / NII investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes the anchor portion.

Investor Category	Subscription (times)	Shares Offered	Shares Bid For	Total Amount (₹ in Crore)
Anchor Investors	1.00	31,35,000	31,35,000	37.62
Employee Quota	1.56	5,50,000	8,57,875	10.29
QIB Investors	0.17	20,90,000	3,57,000	4.28
HNIs / NIIs	22.22	15,67,500	3,48,32,875	417.99
Retail Investors	15.16	36,57,500	5,54,35,875	665.23
Total	11.63	78,65,000	9,14,83,625	1,097.80

Data Source: BSE

The IPO is open up to June 21, 2024, at which point we will know the final subscription status of the IPO.

The stock of Akme Fintrade India has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹114 to ₹120 per share. The issue opened for subscription on 19th June 2024 and closes for subscription on 21st June 2024. The credits to the demat account to the extent of shares allotted will happen by the close of 25th June 2024 under ISIN (INE916Y01019).

Akme Fintrade India IPO (Day-1 Subscription at 3.01 times)

As of 5.30 pm on 19th June 2024, out of the 78.65 lakh shares on offer in the IPO (excluding anchor portion), Akme Fintrade India saw bids for 237.03 lakh shares. This implies an overall subscription of 3.01X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the Akme Fintrade IPO was as under:

Employees (0.56X)

QIBs (0.02X)

HNI / NII (5.15X)

Retail (4.18X)

The subscriptions were led by the HNI / NII investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Investor Category	Subscription (times)	Shares Offered	Shares bid for	Total Amount (₹ in Crore)
Anchor Investors	1.00	31,35,000	31,35,000	37.62
Employee Quota	0.56	5,50,000	3,06,875	3.68
QIB Investors	0.02	20,90,000	36,000	0.43
HNIs / NIIs	5.15	15,67,500	80,79,250	96.95
Retail Investors	4.18	36,57,500	1,52,81,125	183.37
Total	3.01	78,65,000	2,37,03,250	284.44

Data Source: BSE

The IPO is open up to June 21, 2024, at which point we will know the final subscription status of the IPO.

Akme Fintrade India – Share Allocation Across Categories

The entire anchor allocation was made at the upper end of the price band of ₹120 per share. This includes the face value of ₹10 per share plus a share premium of ₹110 per share, taking the anchor allocation price to ₹120 per share. Let us focus on the anchor allotment portion ahead of the Akme Fintrade India Ltd IPO, which saw the anchor bidding opening and also closing on 18th June 2024. Post the anchor allocation, here is how the overall allocation looked.

Category of Investors	Allocation of shares under IPO
Reservation for Employees	5,50,000 shares (5.00% of the total IPO offer size)
Anchor Allocation	31,35,000 shares (28.50% of the total IPO offer size)
QIB Shares Offered	20,90,000 shares (19.00% of the total IPO offer size)
NII (HNI) Shares Offered	15,67,500 shares (14.25% of the total IPO offer size)
Retail Shares Offered	36,57,500 shares (33.25% of the total IPO offer size)
Total Shares Offered	1,10,00,000 shares (100.00% of total IPO offer size)

Data Source: Company RHP

Here it must be noted that the 31,35,000 shares allocated to the anchor investors on 18th June 2024, were actually reduced from the original QIB quota; and only the residual amount would be available to QIBs in the IPO. That change has been reflected in the table above, with the QIB IPO portion reduced to the extent of the anchor allocation. As a result, the QIB quota has reduced from 47.50% before the anchor allocation to 19.00% after the anchor allocation. The overall allocation to QIBs includes the anchor portion, so the anchor shares allotted has been deducted from the QIB quota for the purpose of the public issue.

About the Akme Fintrade India IPO

Akme Fintrade IPO will be open from June 19th, 2024 to June 21st, 2024; both days inclusive. The stock of Akme Fintrade India has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹114 to ₹120 per share. The IPO of Akme Fintrade India will be entirely a fresh issue of shares with no offer for sale (OFS) component. The fresh issue brings in fresh funds into the company, but is also EPS and equity dilutive. OFS is just a transfer of ownership. The fresh issue portion of the IPO of Akme Fintrade India comprises the issue of 1,10,00,000 shares (110.00 lakh shares), which at the upper price band of ₹120 per share will translate into a fresh issue size of ₹132.00 crore.

Since there is no offer for sale portion, the fresh issue portion will also double up as the total issue size. Therefore, the total IPO of Akme Fintrade India will comprise of a fresh issue 1,10,00,000 shares (110.00 lakh shares) which at the upper end of the price band of ₹120 per share aggregates to total issue size of ₹132.00 crore. The IPO of Akme Fintrade India will be listed on the NSE and the BSE on the IPO mainboard. The fresh funds will be used for augmenting the capital base of the company to support future growth in the asset book. The promoters of the company include Nirmal Jain, Manju Jain, Dipesh Jain, and Nirmal Kumar Jain HUF. The promoters currently have a 56.01% stake in the company, which will get diluted post IPO to 41.57%. The IPO will be lead managed by Gretex Corporate Services Ltd; while Bigshare Services Private Ltd will be IPO registrar.

Next Steps in the Akme Fintrade India

The issue opens for subscription on 19th June 2024 and closes for subscription on 21st June 2024 (both days inclusive). The basis of allotment will be finalized on 24th June 2024 and the refunds will be initiated on 25th June 2024. In addition, the demat credits are expected to also happen on 25th June 2024 and the stock will list on 26th June 2024 on the NSE and the BSE. Akme Fintrade Ltd will test the appetite for such micro finance stocks. The credits to the demat account to the extent of shares allotted will happen by the close of 25th June 2024 under ISIN (INE916Y01019).

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