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The NSE SME IPO of Akiko Global Services has garnered significant investor interest, with bids received for 27.52 lakh shares against the 30.01 lakh shares offered.
This represents a subscription of 0.67 times the initial offer size, according to NSE data as of 17:00 hours on Tuesday, 25 June 2024. The IPO, priced between Rs 73 to Rs 77 per share, opened on 25 June 2024 and will close on 27 June 2024.
Shares will list on NSE's SME platform, with a minimum order quantity of 1,600 equity shares.
The IPO includes a fresh issue of 30,01,600 equity shares, resulting in a dilution of the promoter and promoter group shareholding from 92.77% pre-issue to 66.91%. A portion of the issue is reserved for market makers, and the net issue comprises 28,51,200 equity shares.
Post-issue, the issue and net issue will constitute 29.40% and 26.47% respectively of the company's paid-up equity share capital.
Proceeds from the IPO will be utilized for working capital needs, implementing ERP and TeleCRM solutions, funding a mobile application for financial product solutions, enhancing brand visibility (including for Akiko Global and Moneyfair), meeting issue-related expenses, and general corporate purposes.
Prior to the IPO, Akiko Global Services raised Rs 6.57 crore from anchor investors by allotting 8.54 lakh shares at Rs 77 per share on 24 June 2024. The company operates as a channel partner for major banks and NBFCs, employing tele-calling, corporate activities, and digital marketing to acquire customers.
Specializing in credit cards and loans, the firm offers comprehensive guidance to individuals and businesses navigating the financial products landscape. As of 30 April 2024, the company employs 418 permanent staff.
For the period ending 31 January 2024, Akiko Global Services reported revenue from operations of Rs 25.90 crore and net profit of Rs 3.21 crore.
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