PNN
Mumbai (Maharashtra) [India], June 21: Akiko Global Services Limited, specializing in the distribution of financial products such as credit cards, loans, and CASA, has announced plans to go public with an Initial Public Offering (IPO) on June 25, 2024. The company is aiming to raise Rs 23.11 Crores at the upper band through this IPO, with shares set to be listed on the NSE Emerge platform.
The issue size is Up to 30,01,600 equity shares at a face value of Rs 10 each.
Equity Share Allocation
* QIB Anchor Portion - Up To 8,54,000 Equity Shares
* Qualified Institutional Buyers (QIB) - Up To 5,69,600 Equity Shares
* Non-Institutional Investors (NII) - Up To 4,28,800 Equity Shares
* Retail Individual Investors (RII) - Up To 9,98,400 Equity Shares
* Market Maker - Up To 1,50,400 Equity Shares
The net proceeds from the IPO will be utilized for the implementation of ERP solutions and TeleCRM, Development of Mobile Applications for Financial Product Solutions, Meeting Working Capital Requirements, Enhancing Visibility and Awareness of the Brands, and General Corporate Purposes. The bidding for the Anchor portion will open on June 24, 2024 the issue will open for subscriptions for all other categories from June 25, 2024 and closes on June 27, 2024.
The Book Running Lead Manager to the Issue is Fast Track Finsec Private Limited. The Registrar to the Issue is Skyline Financial Services Private Limited. The Market Maker of the issue is Nikunj Stockbroker Limited.
Priyanka Dutta, Managing Director of Akiko Global Services Limited expressed, "As we embark on this journey with our upcoming IPO, I am truly excited about the growth prospects for Akiko Global Services Limited. As a Channel Partner for leading banks and NBFCs in India, we specialize in distributing financial products like credit cards, loans, and CASA. Our success is driven by advanced digital marketing, including effective Google SEO campaigns, and a commitment to diverse marketing channels such as telemarketing and digital campaigns.
Our platform, Money Fair, uses advanced algorithms for unbiased credit evaluation, enhancing customer options with multiple lenders. This strategic infusion of capital will strengthen our capabilities and propel us towards achieving even greater milestones in the market. This IPO marks a significant milestone in our journey, opening new opportunities as we enter the public market."
Vikas Kumar Verma, Director of Fast Track Finsec Private Limited said "The Indian credit card market has demonstrated robust growth, fueled by increasing adoption of e-commerce, contactless payments, and innovative product offerings. This growth trend has been accompanied by a notable rise in credit card issuance.
Akiko Global Services Limited is committed to innovating and meeting the evolving demand for sophisticated financial solutions in India. The proceeds from our upcoming IPO will be utilized to implement ERP solutions, TeleCRM, launch a mobile application for financial products, address working capital needs, and enhance brand visibility for "Akiko Global" and "Moneyfair." These strategic initiatives are aimed at capitalizing on current market dynamics and driving Akiko's growth. We extend our heartfelt wishes for continued success to Akiko Global Services Limited."
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