Akiko Global Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Jun 2024 – 27 Jun 2024
- Listing date
- 02 Jul 2024
- Face value
- ₹10 per share
- Issue price
- ₹77 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹23.11 Cr
- Market cap at offer price
- ₹82.93 Cr
- Promoter holding
- 92.77% → 66.91% pre-issue → post-issue
- ISIN
- INE0PMR01017
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Fast Track Finsec Pvt.Ltd.
- Registered office
- 11th Floor, Off.No.8/4-D, Vishwadeep Building, District Centre, Janak Puri, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,54,400 | — | — |
| Market maker | 1,50,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹77
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,23,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,46,400 |
| S-HNI (max) | 8 | 12,800 | ₹9,85,600 |
| B-HNI (min) | 9 | 14,400 | ₹11,08,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.83 | 3.58 |
| P/E (×) | 13.21 | 21.51 |
| Price to book (×) | 3.75 | — |
| Market cap | — | ₹82.93 Cr |
Key performance indicators
- Return on net worth
- 22.91%
- ROCE
- 29.23%
- Debt / equity
- 0.09
- PAT margin
- 12.41%
- NAV per share
- ₹20.52
- Price to book
- 3.75
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Akiko Global Services
Akiko Global Services Limited was incorporated on June 13, 2018 and converted to a public company on April 12, 2023. The company operates as a Channel Partner (DSA) for major banks and NBFCs in India, acquiring customers through tele-calling, corporate activities, feet-on-street marketing, and digital channels. The company specializes in credit cards and personal loans, providing guidance to individuals and businesses navigating financial products. The business model focuses on sustainable growth and expanding the customer base through a combination of telemarketing, feet-on-street, digital marketing, and corporate activities. The company has demonstrated significant revenue growth from Rs. 610.78 lakhs in FY 2020-21 to Rs. 3,958.97 lakhs in FY 2022-23.
Company Analysis
from RHPAkiko Global Services Limited is a financial services distribution company operating as a Channel Partner (DSA) for banks and NBFCs, specializing in selling credit cards and personal loans through telemarketing, digital marketing, and direct sales.
Akiko Global Services Limited was incorporated on June 13, 2018 and converted to a public company on April 12, 2023. The company operates as a Channel Partner (DSA) for major banks and NBFCs in India, acquiring customers through tele-calling, corporate activities, feet-on-street marketing, and digital channels. The company specializes in credit cards and personal loans, providing guidance to individuals and businesses navigating financial products. The business model focuses on sustainable growth and expanding the customer base through a combination of telemarketing, feet-on-street, digital marketing, and corporate activities. The company has demonstrated significant revenue growth from Rs. 610.78 lakhs in FY 2020-21 to Rs. 3,958.97 lakhs in FY 2022-23.
Objects of the Issue
- Implementation of ERP Solution and TeleCRM ₹ 170.00 Lakhs p.32
- Mobile Application for financial product solution ₹ 280.00 Lakhs p.32
- To meet working capital requirements ₹ 1,138.80 Lakhs p.32
- Enhancing visibility and awareness of our brands, including but not limited to 'Akiko Global' or 'Money fair' ₹ 200.00 Lakhs p.32
- General Corporate Purpose p.32
- Issue Expenses p.32
- Implementation of ERP Solution and TeleCRM Rs. 170.00 lakhs p.106
- Mobile Application for financial product solution Rs. 280.00 lakhs p.109
- To meet working capital requirements Rs. 1,138.80 lakhs p.110
- Enhancing visibility and awareness of our brands, including but not limited to 'Akiko Global' or 'Moneyfair' Rs. 200.00 lakhs p.116
- General Corporate Purpose not exceeding 25% of gross proceeds p.116
- Issue Expenses Rs. [●] (to be determined at prospectus stage) p.116
Issue Structure
- Total Issue
- Up to ₹ [●] Lakhs (30,01,600 Equity Shares of ₹10 each)
- Fresh Issue
- Up to 30,01,600 Equity Shares of Face Value ₹10 each aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Nil - Entire Issue constitute Fresh Issue of Equity Shares
- Price Band
- Price Band to be decided by the Company in consultation with BRLM
- Lot Size
- [●]
- Face Value
- ₹ 10 per Equity Share
Business Model
The company earns revenue by acting as a Direct Selling Agent (DSA) for banks and NBFCs, selling credit cards and personal loans on their behalf. Revenue is generated through customer acquisition and referrals in the financial products space, utilizing multiple channels including telemarketing, feet-on-street activities, digital marketing, and corporate partnerships.
Business Segments
SWOT Analysis
- • Established channel partner model with major financial institutions(p.31)
- • Diversified service delivery model across multiple channels(p.31)
- • Specialized expertise in financial products distribution(p.31)
- • Strong revenue growth trajectory(p.47)
- • Experienced management team with deep financial services expertise(p.154)
- • Diversified multi-channel customer acquisition model(p.154)
- • Extensive proprietary customer database for targeted marketing(p.154)
- • ISO certification and compliance-driven operations(p.144)
- • Strong track record with major banking partners(p.144)
- • Clean litigation record with no pending cases(p.266)
- • No defaults in payment of statutory dues or interest obligations(p.268)
- • Promoters and directors have no involvement in disciplinary actions or securities violations(p.269)
- • No wilful defaults or economic offences among promoters and directors(p.276)
- • Track record of 3+ years with positive operating profit and net-worth(p.279)
- • Necessary government licenses and approvals obtained for business operations(p.270)
- • Registered trademark and intellectual property assets(p.272)
- • Extreme customer concentration dependency(p.40)
- • Rented premises with unregistered lease agreement(p.40)
- • Promoter shares valued significantly below IPO price(p.40)
- • Unregistered trademark creating brand protection vulnerability(p.41)
- • Negative operating cash flows in recent periods(p.41)
- • Significant historical tax and statutory payment delays(p.48)
- • Heavy reliance on promoters and key management(p.42)
- • Wage payment delays to employees(p.55)
- • High employee turnover and low retention rate(p.155)
- • Limited financial resources constraining growth(p.155)
- • Concentration of revenue in single product category(p.150)
- • High working capital intensity requiring significant funding(p.112)
- • Vulnerability to regulatory and technology changes(p.155)
- • Group company with limited operational independence(p.274)
- • Dependence on limited group company structure for business operations(p.274)
- • Expansion into international markets(p.45)
- • Growing credit card and financial products market in India(p.31)
- • Brand building and market visibility enhancement(p.44)
- • Technology infrastructure modernization(p.32)
- • Strengthening working capital for business expansion(p.32)
- • Growing demand for credit cards and personal loans in expanding Indian middle class(p.154)
- • Significant potential for deeper partnerships with major Indian banks(p.154)
- • Digital transformation and fintech disruption creating new distribution channels(p.154)
- • Projected high growth in credit card issuance and penetration(p.139)
- • Mobile application launch providing direct-to-consumer channel(p.149)
- • Potential to migrate to NSE main board from SME platform upon meeting paid-up capital criteria(p.298)
- • Market making arrangements to ensure liquidity for 3 years post-listing(p.298)
- • Access to capital market through SME platform listing(p.278)
- • 100% underwriting commitment for issue(p.278)
- • Intense competition from domestic and international fintech players(p.42)
- • Evolving and uncertain regulatory framework in fintech sector(p.43)
- • Geographical concentration risk in Maharashtra(p.49)
- • Interest rate volatility affecting credit demand(p.51)
- • Global financial instability impacting Indian markets(p.56)
- • Government taxation and policy changes(p.56)
- • Data breach and cybersecurity risks(p.45)
- • Regulatory compliance requirements for statutory payments(p.47)
- • Intense competition from established and new fintech players(p.155)
- • Sensitivity to macroeconomic factors and interest rate changes(p.155)
- • Cybersecurity threats and data breach risks(p.155)
- • Regulatory changes affecting direct selling and channel partnerships(p.159)
- • Dependence on major customers with payment term risks(p.113)
- • Limited investor base with minimum 50 allottee requirement(p.294)
- • Market acceptance risk for SME platform listing with uncertain pricing(p.292)
- • Regulatory changes in securities laws could affect the issue(p.306)
- • Foreign investment restrictions limiting investor base(p.298)
- • Potential for price volatility and underperformance post-listing(p.296)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ankur Gaba | Promoter | 19.12% | 13.79% |
| Ms. Richa Arora | Promoter | 20.56% | 14.83% |
| Mr. Puneet Mehta | Promoter | 25.46% | 18.36% |
| Mr. Gurjeet Singh Walia | Promoter | 25.44% | 18.35% |
| Ms. Priyanka Dutta | Promoter | 2.18% | 1.57% |
| Mr. Rajat Arora | Promoter Group | 0.02% | 0.01% |
| Puneet Mehta | Promoter | 25.46% | 18.36% |
| Gurjeet Singh Walia | Promoter | 25.44% | 18.35% |
| Richa Arora | Promoter | 20.56% | 14.83% |
| Ankur Gaba | Promoter | 19.12% | 13.79% |
| Priyanka Dutta | Promoter | 2.18% | 1.57% |
| Rajat Arora | Promoter Group | 0.02% | 0.01% |
| Ankur Gaba | Promoter | 19.12% | — |
| Richa Arora | Promoter | 20.56% | — |
| Gurjeet Singh Walia | Promoter | 25.44% | — |
| Puneet Mehta | Promoter | 25.46% | — |
| Priyanka Dutta | Promoter | 2.18% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.