Akme Fintrade IPO Sees Nearly 54 Times Subscription on Final Day

The IPO of Akme Fintrade, a non-banking finance company, was subscribed 53.97 times by the closing day of bidding on June 21.

The Rs 132-crore share sale received bids for 42,44,43,250 shares, against an offering of 78,65,000 shares, according to NSE data.

Non-institutional investors subscribed 129.53 times their allotted portion, while retail individual investors subscribed 43.67 times.

Qualified institutional buyers (QIBs) subscribed 28.12 times. On its first day, the IPO achieved three times the subscription.

The IPO consists of a fresh issue of up to 1.1 crore equity shares, with a price range set between Rs 114 and Rs 120 per share. Prior to the IPO, Akme Fintrade raised nearly Rs 38 crore from anchor investors.

Akme Fintrade focuses on rural and semi-urban lending in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat, offering vehicle finance and business finance products for small business owners.

Gretex Corporate Services is the lead manager for the offer. The company's shares will be listed on both the BSE and NSE.

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