DEE Engineers, Akme Fintrade's IPO bidding status on day 3; check details

DEE Development Engineers' initial public offering (IPO) was oversubscribed 12.5 times on the third day of its subscription period which began on Wednesday and ends today. 

Non Institutional Investors subscribed the issue 38.02 times, while the Retail Individual Investors(RIIs) subscribed the issue 7.40 times. Qualified Institutional Buyers (QIBs) subscribed the offer 2.13 times.

The allotment process for the issue is expected to close by Monday, June 24, 2024. Further, the stock is scheduled to be listed on both BSE and NSE, with the tentative listing date set for Wednesday, June 26, 2024.

Through its IPO, the company aims to raise Rs 418.01 crores. The issue comprises a fresh issue of 1.6 crore shares amounting to Rs 325.00 crores and an offer for sale of 0.46 crore shares aggregating Rs 93.01 crore.

The Grey Market Premium (GMP) for DEE Development Engineers is Rs 95, indicating potential listing gains of 46.80 per cent on the exchanges.

On June 18, the company secured Rs 125.10 crore from anchor investors, offering a total of 61,62,777 shares. Leading anchor investors included HDFC Mutual Fund, Kotak Mahindra Trustee, and LIC MF Large and Mid Cap Fund. The IPOs price band is fixed at Rs 193 to Rs 203 per share.

Akme Fintrade India Day 3 subscription status 

Similarly, another mainboard IPO, Akme Fintrade India was oversubscribed 10.13 times by investors on Friday - the IPOs third and last day of the subscription window. 

The portion for NIIs got subscribed 26.71 times while the category for RIIs received 10.15 times subscription. The QIBs part, however, got subscribed by only 49 per cent out of the total shares allotted to them, as of 01:22 PM IST. 

The allotment for the Akme Fintrade IPO is scheduled to be finalised on Monday, June 24, 2024. The IPO will list on both BSE and NSE, with the tentative listing date set for Wednesday, June 26, 2024.

Akme Fintrade India is a book-built issue aiming to raise Rs 132 crore, consisting entirely of a fresh issue of 1.1 crore shares. While the price band for the IPO is set at Rs 114 to Rs 120 per share

As per Chittorgarh IPO, GMP for Akme Fintrade India IPO is Rs 30. With a price band of Rs 120, this suggests an estimated listing price of Rs 150 per share, projecting an expected listing gain of 25 per cent.