On June 25, a financial services business Akiko Global Services Limited launched its initial public offering (IPO). Through this IPO, the firm intends to obtain INR 23.11 crores at the upper band. Shares will be listed on the NSE Emerge platform [SME].
The firm plans to meet working capital requirements, develop mobile applications for financial product solutions, install ERP and TeleCRM, increase brand visibility and awareness, and use the net issue proceeds for general corporate purposes.
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Global Services Akiko Status of IPO Subscription
On 25th June, the first day of the bidding process, the Akiko Global Services IPO received 0.50 times subscriptions so far. According to statistics available till 2:05 pm on June 25, the public offering attracted bids for 10.44 lakh equity shares compared to 20.81 lakh shares on the offer.
Thus far, the IPO has received 0.96 times subscriptions from regular investors and 0.20 times subscriptions from non-institutional investors (NII).
IPO details
The pricing band for Akiko Global Services’ IPO is INR 73 to INR 77 per share. The business wants to raise INR 23.11 crore at the higher end of the price band from this issuance.
The lot size for Akiko Global Services’ initial public offering is 1,600 shares. Individual investors shall be required to make investment of a minimum of INR 123,200.
Important dates
Akiko Services IPO subscriptions began on Tuesday, June 25, and they will end on Thursday, June 27. July 1 is anticipated to be the IPO allotment day, while July 2 is the listing date for the shares allotted in IPO. Akiko Global Services’ equity shares are scheduled to be offered on the NSE Emerge Platform.
Akiko Services GMP for IPO
Stock market watchers estimate that the IPO GMP, or grey market premium, is currently INR 18 per share. This suggests that the price at which Akiko Global Services shares were trading on the grey market was INR 95 per share. Hence, it was 23.38% more than the IPO price of INR 77.
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IPO registrant and Lead Manager
Fast Track Finsec Private Limited is the issue’s book running lead manager. Skyline Financial Services Private Limited is the registrant for the Akiko Global Services IPO.
Business profile of Akiko
The financial services company distributes and sells financial goods, including credit cards and loans. Moreover, it collaborates with significant banks and non-banking financial organisations (NBFCs) in India.
The Managing Director of Akiko Global Services, Ms. Priyanka stated digital marketing and varied marketing channels like telemarketing and digital campaigns have contributed to the success.
The company’s platform, Money Fair, improves client alternatives with numerous lenders by using complex algorithms for a fair credit review. The company’s revenue was INR 26.09 crore, EBITDA was INR 4.60 crore, and net profit was INR 3.21 crore for the ten months ending in January 2024.
About the Author
Ms Manasi Gawali is an economics graduate from St. Xavier’s College, Mumbai. She is passionate about economics and finance. She enjoys research, writing poems, music, and travel.
