Akme Fintrade India IPO Debuts at 5.83% Premium on NSE

Akme Fintrade India IPO - Lists at 5.83% Premium on NSE

Akme Fintrade India had a modest listing on 26th June 2024, debuting at ₹127.00 per share, a premium of 5.83% over the issue price of ₹120 per share. Below is the pre-open price discovery summary for the Mainboard Akme Fintrade India IPO on the NSE as of 9:55 am.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: NSE

The Mainboard IPO of Akme Fintrade India was a book-built IPO with a price band of ₹114 to ₹120 per share. The price was determined at the upper end of the band at ₹120 per share after a robust subscription response of over 54X, with the anchor allocation also taking place at the upper band of ₹120 per share, a day before the IPO opening. On 26th June 2024, the stock of Akme Fintrade India listed on the NSE Mainboard segment at ₹127.00 per share, a premium of 5.83% over the IPO issue price of ₹120. The upper circuit price for the day has been set at ₹133.35, and the lower circuit price at ₹120.65.

As of 10:11 am, the volumes were 27.52 lakh shares, while the turnover (value) was ₹35.39 crore on NSE. The stock has a face value of ₹10 per share, with an applicable margin rate of 100.00%. The opening market cap of the stock stands at ₹569.07 crore. The stock will be traded in the BE (book entry) series with only delivery trades permitted, but it is part of the rolling segment cycle of the NSE. As of 10:11 am, it is trading higher at ₹133.35 per share, which is 5.00% above the listing price and represents the upper circuit for the day. The stock of Akme Fintrade India trades with the following symbols; NSE Code (AFIL), BSE Code (544200), and the shares have been credited to the demat accounts of allottees under the designated ISIN (INE916Y01019).

How Akme Fintrade India IPO listed on BSE?

Here is a quick price discovery summary of Akme Fintrade India on the Bombay Stock Exchange (BSE) on the listing day, 26th June 2024. The pre-IPO period ends at 9:45 am, and actual trading on the IPO stock starts at 10:00 am on listing day.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: BSE

The Mainboard IPO of Akme Fintrade India was a book-built IPO priced at the upper end of the band at ₹120 per share. On 26th June 2024, the stock of Akme Fintrade India listed on the BSE Mainboard segment at a price of ₹125.70 per share, a premium of 4.75% over the IPO issue price of ₹120. For the day, the upper circuit price has been set at ₹131.95, and the lower circuit price at ₹119.45. As of 10:12 am, the volumes were 1.86 lakh shares, with a turnover (value) of ₹239 lakh on BSE. The stock has a face value of ₹10 per share. The stock will be traded in the trade-to-trade (T2T) segment of the BSE in a T+1 settlement cycle. The market cap of the stock stands at ₹563.10 crore, with a free float market cap of ₹101.36 crore. As of 10:12 am, it is trading 4.97% higher at ₹131.95 per share, which represents the upper circuit for the day.

About Akme Fintrade India IPO

The IPO of Akme Fintrade India was 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-built IPO was set in the range of ₹114 to ₹120 per share. The IPO of Akme Fintrade India was entirely a fresh issue of shares with no offer for sale (OFS) component. The fresh issue brings in new funds to the company but is also EPS and equity dilutive. The OFS is merely a transfer of ownership. The fresh issue portion of the IPO of Akme Fintrade India comprises the issuance 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.

Read more about Akme Fintrade India IPO

Since there is no offer for sale portion, the fresh issue portion will also serve as the total issue size. Therefore, the total IPO of Akme Fintrade India will comprise a fresh issue of 1,10,00,000 shares (110.00 lakh shares), which at the upper end of the price band of ₹120 per share aggregates to a 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 to augment the company's capital base 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 serve as the IPO registrar.