The initial public offering (IPO) of Aasaan Loans (Akme Fintrade India Limited) experienced a remarkable response on its first day, drawing significant interest from investors.
On its opening day, Aasaan Loans' IPO achieved an overall subscription rate of 3.07 times.
Specifically, the retail investor category was subscribed 4.28 times, the Qualified Institutional Buyers (QIB) category 0.02 times, and the Non-Institutional Investors (NII) category 5.18 times as of June 19, 2024.
According to data from the NSE, Aasaan Loans' IPO received bids for 2,41,36,875 shares, greatly exceeding the 78,65,000 shares available.
The price band for the Aasaan Loans IPO has been set between Rs 114 and Rs 120 per share, with the subscription window closing on June 21, 2024.
Master Capital Services Limited commented on the company’s strategic focus, stating, "Aasaan Loans aims to grow by strategically concentrating on rural and semi-urban sectors with significant growth potential. The NBFC anticipates leveraging its extensive market experience to further enhance financial inclusion and service delivery across India. Given the small size of the company and the valuation of the IPO, we advise subscribing to the IPO for listing gains."
Meanwhile, Swastika Investmart has adopted a neutral (cautious) stance on Akme Fintrade India's IPO. They acknowledged the company's strong presence in underbanked areas and recent positive financial performance but also highlighted several factors that investors should consider carefully.
As of June 19, 2024, the latest Grey Market Premium (GMP) for Aasaan Loans' IPO is Rs 48.
With the IPO price band set at Rs 120, the estimated listing price for Aasaan Loans' IPO is projected to be around Rs 168, suggesting an anticipated gain of 40% per share.
