Money Fair IPO Subscription Status

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 27th June 2024 - 07:54 pm

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Akiko Global Services (Money Fair) IPO - Day 3 Subscription at 36.33 times

As of 6.57 pm on 27th June 2024, out of the 20.816 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Akiko Global Services (Money Fair) saw bids for 756.32 lakh shares. This implies an overall subscription of 36.33X at a macro level at the close of Day-3 of the IPO. The detailed break-up of subscriptions as of the close of Day-3 of the Money Fair IPO was as follows:

QIBs HNI / NII Retail
10.21X 48.78X 48.11X

 

The subscriptions were led by the HNI / NII investors followed by the Retail investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that was the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Investor Category Subscription (times) Shares Offered Shares Bid For Total Amount (₹ in Crore)
Market Maker 1.00 1,50,400 1,50,400 1.16
Anchor Quota 1.00 8,54,400 8,54,400 6.58
QIB Investors 10.21 6,54,400 66,80,000 51.44
HNIs / NIIs 48.78 4,28,800 2,09,18,400 161.07
Retail Investors 48.11 9,98,400 4,80,33,600 369.86
Total 36.33 20,81,600 7,56,32,000 582.37

Data Source: NSE

The IPO is open up to June 27, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is updated as of the end of Day-3 of the IPO. The subscription to the IPO has closed and the table above represents the final subscription numbers for the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The stock of Akiko Global Services (Money Fair) has a face value of ₹10 per share and it is a book built issue. The book building price band for the IPO has been set in the range of ₹73 per share to ₹77 per share. The IPO of Akiko Global Services (Money Fair) has only a fresh issue component and no offer for sale (OFS) portion. The issue closes for subscription on 27th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 01st July 2024 under ISIN (INE0PMR01017).

Money Fair IPO - Day 2 Subscription at 3.64 times

As of 5.14 pm on 26th June 2024, out of the 20.816 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Akiko Global Services (Money Fair) saw bids for 75.776 lakh shares. This implies an overall subscription of 3.64X at a macro level at the close of Day-2 of the IPO. The detailed break-up of subscriptions as of the close of Day-2 of the Money Fair IPO was as follows:

QIBs HNI / NII Retail
0.01X 2.65X 6.44X

 

The subscriptions were led by the retail investors followed by the HNI / NII investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Investor Category Subscription (times) Shares offered Shares Bid For Total Amount ( in crore)
Market Maker 1.00 1,50,400 1,50,400 1.16
Anchor Quota 1.00 8,54,400 8,54,400 6.58
QIB Investors 0.01 6,54,400 9,600 0.07
HNIs / NIIs 2.65 4,28,800 11,37,600 8.76
Retail Investors 6.44 9,98,400 64,30,400 49.51
Total 3.64 20,81,600 75,77,600 58.35

Data Source: NSE

The IPO is open up to June 27, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is only updated as of the end of Day-2 of the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The stock of Akiko Global Services (Money Fair) has a face value of ₹10 per share and it is a book built issue. The book building price band for the IPO has been set in the range of ₹73 per share to ₹77 per share. The IPO of Akiko Global Services (Money Fair) has only a fresh issue component and no offer for sale (OFS) portion. The issue closes for subscription on 27th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 29th June 2024 under ISIN (INE0PMR01017).

Money Fair IPO - Day-1 Subscription at 1.32 times

As of 5:05 pm on 25th June 2024, out of the 20.816 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation), Akiko Global Services (Money Fair) saw bids for 27.52 lakh shares. This implies an overall subscription of 1.32X at a macro level at the close of Day-1 of the IPO. The detailed break-up of subscriptions as of the close of Day-1 of the Money Fair IPO was as follows:

QIBs HNI / NII Retail
0.00X 0.96X 2.34X

 

The subscriptions were led by the retail investors followed by the HNI / NII investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Investors Category Subscription (Times) Shares Offered Shares Bid for Total Amount (₹ in crore)
Market Maker 1.00 1,50,400 1,50,400 1.16
Anchor Quota 1.00 8,54,400 8,54,400 6.58
QIB Investors 0.00 6,54,400 0 0.00
HNI / NII Investors 0.96 4,28,800 4,11,200 3.17
Retail Investors 2.34 9,98,400 23,40,800 18.02
Total 1.32 20,81,600 27,52,000 21.19

Data Source: NSE

The IPO is open up to June 26, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is only updated as of the end of Day-1 of the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

Money Fair IPO Share Allocation Across Categories

The table below captures the break-up of the overall share allocation to QIBs, retail investors, and HNI / NII investors. The anchor allotment is carved out of the QIB quota and the QIB quota is reduced accordingly. The market maker allocation is the inventory that will be used by the market maker to provide liquidity in the counter post listing, to keep the bid-ask spreads low and reduce the risks of trading in the stock. The company has appointed Nikunj Stock Brokers Ltd as the market maker and assigned a market making inventory of 1,50,400 shares to them. The market maker will use this inventory to offer buy and sell quotes to keep the counter liquid and reduce the basis risk on the stock post listing.

Investor Category Shares Allocated in the IPO
Market Maker Shares 1,50,400 shares (5.01% of total issue size)
Anchor Allocation Quota 8,54,400 shares (28.46% of total issue size)
QIB Shares Offered 5,69,600 shares (18.98% of total issue size)
NII (HNI) Shares Offered 4,28,800 shares (14.29% of total issue size)
Retail Shares Offered 9,98,400 shares (33.26% of total issue size)
Total Shares Offered 30,01,600 shares (100.00% of total issue size)

Data Source: Company RHP

The issue size, net of the market maker quota, has been divided between the QIB investors, retail investors and the HNI / NII investors. On June 24, 2024, the company made an anchor allocation of 8,54,400 shares to anchor investors at the upper band price of ₹77 per share. This included the par value of ₹10 per share and premium of ₹67 per share. The total size of the anchor allocation was ₹6.58 crore.

The anchor allocation was done across 4 anchor investors at the upper end of the price band at ₹77 per share. These 4 major anchor investors included Ashika  Global Securities Private Ltd (41.20%), Saint Capital Fund (28.08%), Varsu India Growth Story Scheme (15.36%) and SB Opportunity Fund - I (15.36%). These 4 anchor investors accounted for 100% of the total anchor allocation ahead of the IPO.

Out of the total anchor allocation of ₹6.58 crore, a total of 50% of the allocation will have a 1-month lock in up to July 31, 2024 and the balance 50% will have a 3-month lock-in up to September 29, 2024. The anchor portion was carved out of the QIB portion, as a result of which the QIB quota available in the IPO was reduced from 47.44% to 18.98%. The stock will list on the stock exchanges on the third working day after the closure of the IPO.

About Money Fair IPO

The stock of Akiko Global Services (Money Fair) has a face value of ₹10 per share and it is a book built issue. The book building price band for the IPO has been set in the range of ₹73 per share to ₹77 per share. The IPO of Akiko Global Services (Money Fair) has only a fresh issue component and no offer for sale (OFS) portion. While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and  hence is not EPS or equity dilutive. As part of the fresh issue portion of the IPO, Akiko Global Services (Money Fair) will issue a total of 30,01,600 shares (30.02 lakh shares approximately), which at the upper band IPO price of ₹77 per share aggregates to fresh fund raising of ₹23.11 crore. Since there is no OFS, the fresh issue size will also double as the overall issue. Therefore, the overall IPO size will also comprise of the issue of 30,01,600 shares (30.02 lakh shares approximately) which at the upper band IPO price of ₹77 per share aggregates to overall IPO size of ₹23.11 crore.

Read about Money Fair IPO

Like every SME IPO, this issue also has a market making portion. The company has set aside a total of 1,50,400 shares as quota for market inventory. Nikunj Stock Brokers Ltd has already been appointed as the market makers to the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs. The company has been promoted by Ankur Gaba, Richa Gaba, Puneet Mehta, Gurjeet Singh Walia, and Priyanka Dutta. The promoter holding in the company currently stands at 92.77%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 66.91%. The fresh issue funds will be used by the company for implementing the ERP solution, investing in mobile app for financial products, brand awareness and working capital needs. Fast Track Finsec Private Ltd will be the lead manager to the issue, and Skyline Financial Services Private Ltd will be the registrar to the issue. The market maker for the issue is Nikunj Stock Brokers Ltd. The IPO of Akiko Global Services (Money Fair) will be listed on the SME IPO segment of the NSE.

Next Steps in the Money Fair IPO process

The issue opened for subscription on 25th June 2024 and closes for subscription on 27th June 2024 (both days inclusive). The basis of allotment will be finalized on 28th June 2024 and the refunds will be initiated on 01st July 2024. In addition, the demat credits are expected to also happen on 01st July 2024 and the stock will list on 02nd July 2024 on the NSE SME IPO segment. The credits to the demat account to the extent of shares allotted will happen by the close of 28th June 2024 under ISIN (INE0PMR01017).

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