Akme Fintrade IPO share allotment likely on Monday. Here's how you can check status

NBFC Akme Fintrade received a robust response from investors for its IPO, which closed last week. The issue was subscribed just over 53 times. Post the subscription closure, the company will likely finalise the share allotment on Monday.

Investors can check the status of their share allotment on the BSE or even by logging in to the registrar website.

Firstly, here's how you can know the status on BSE

Step 1: Visit the BSE Website (https://www.bseindia.com/investors/appli_check.aspx)

Step 2: Please select the issue name, that is the company's name in the drop down.

Step 3: Enter the application number or PAN number to check the allotment status.

To check the status of Akme Fintrade IPO allotment through the registrar, which is Bigshare Services in this case, kindly follow the below steps.

Step 1: Visit the Bigshare Services website (https://ipo.bigshareonline.com/IPO_Status.html)

Step 2: Select Akme Fintrade IPO

Step 3: Enter the PAN details and click search to know the status
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Akme Fintrade GMP
In the unlisted market, the company's shares are trading with a premium of Rs 45. This compares with an IPO price of 120, indicating a gain of 47% on listing day, which is fixed as June 26.

The funds are being raised primarily to augment its capital base. As per RBI norms, the minimum capital adequacy for an NBFC should be 15%.

In the coming years, the company plans to grow its loan advances which would require tier-1 capital to comply with the applicable capital adequacy regulations. Through the IPO, it would have adequate capital without any further need of fresh capital in the short to medium term.

Akme Fintrade is a non-banking finance company (NBFC) engaged in rural and semi-urban centric lending solutions to look after the needs and aspirations of rural and semi-urban populace. Its portfolio includes vehicle finance and business finance products for small business owners.

The company has a long history of serving rural and semi-urban markets with high growth potential and have maintained a track record of financial performance and operational efficiency through consistently high rates of customer acquisition and retention and low cost expansion into underpenetrated areas.

In FY23, the company's revenue from operations grew to Rs 69.51 crore from Rs 67.44 crore in the preceding financial year. Meanwhile, profit after tax jumped multifold to Rs 15.80 crore from just Rs 4.12 crore a year earlier.

Gretex Corporate Services is acting as the booking running lead manager for the public offer.

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