The scrip was listed at Rs 98, a premium of 27.27% over the initial public offer (IPO) price. The stock is currently down 3.06% over its listing price.
The counter hit a high of Rs 98 and a low of Rs 93.10. About 12.02 lakh shares of the company changed hands at the counter.
Akiko Global Services' IPO was subscribed 25.19 times. The issue opened for bidding on 25 June 2024 and it closed on 27 June 2024. The price band of the IPO was fixed between Rs 73 to Rs 77 per share.
The IPO comprised fresh issue of 30,01,600 equity shares. The promoter and promoter group shareholding diluted to 66.91% from 92.77% pre-issue.
The company intends to utilize the net proceeds to meet working capital requirements, implementation of ERP solution and TeleCRM, funding mobile application for financial product solution, enhancing visibility and awareness of its brands, including but not limited to “Akiko Global” or “Moneyfair, to meet issue related expenses and general corporate purpose.
Ahead of the IPO, Akiko Global Services on 24 June 2024, raised Rs 6.57 crore from anchor investors. The board allotted 8.54 lakh shares at Rs 77 per share to four anchor investors.
Akiko Global Services is working as a channel partner (DSA) for major banks or NBFCs. The company’s business model involves tele-calling, corporate activities, as well as a feet-on-street and digital marketing model to acquire customers digitally. The firm's proficiency lies in the field of credit cards and loans, empowering to offer extensive guidance and assistance to individuals and businesses as they navigate the expansive landscape of financial products. As on 30 April 2024, the company has 418 permanent employees.
The company recorded revenue from operations of Rs 25.90 crore and net profit of Rs 3.21 crore for the period as on 31 January 2024.