AKME Fintrade Day 1 closing subscription status

20 Jun 2024 , 08:49 AM

Akme Fintrade (India) Ltd’s first public offering is open for subscription today (Wednesday, June 19). On Tuesday, June 18, the NBFC raised approximately ₹38 crore from anchor investors. The anchor book included Sigma Global Fund, Zeal Global Opportunities Fund, SB Opportunities Fund 1, and Vikasa India EIF Fund 1, according to the company’s exchange filing.

The Akme Fintrade IPO pricing band is from ₹114 to ₹120 per ₹10 face value. The Reserve Bank of India’s (RBI) registered NBFC subscription expires on Friday, June 21. The initial lot size for the Akme Fintrade IPO is 125 equity shares, with future lots being multiples of that number.

The Akme Fintrade IPO distributed 50% of the shares to qualified institutional buyers (QIB), 15% to non-institutional institutional investors (NII), and 35% to retail investors. The employee section has been allocated 5,50,000 equity shares.

The Udaipur-based NBFC is registered with the RBI as a non-systemically significant non-deposit-taking business, having over two decades of lending expertise in rural and semi-urban India. The company’s primary focus is on financing solutions for rural and semi-urban areas that meet their needs and ambitions. Small business operators can obtain automobile loan and business finance products from the company.

On the first day of bidding, retail and non-institutional investors responded favourably to the offering. According to BSE data, the subscription status for Akme Fintrade IPO is 3.01 times.

The retail portion has been booked 4.18 times, the NII portion has been subscribed to 5.15 times, and the employee section has received 56% of subscriptions. The Qualified Institutional Buyers segment was booked at 2%.

According to BSE data, the maiden share sale attracted bids for 2,37,03,250 shares, with 78,65,000 shares on offer.

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