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Akme Fintrade IPO opens today

20 Jun 2024 , 09:26 AM

Akme Fintrade (India) Ltd’s initial public offering (IPO) opens for subscription today, Wednesday, June 19. The subscription period for the IPO will close on Friday, June 21.

The IPO price band is set between ₹114 and ₹120 per share, with a face value of ₹10 each. The IPO lot size is 125 equity shares, with additional lots in multiples of 125 shares.

The IPO received a positive response from retail and non-institutional investors on the first day of bidding so far. At the time of writing on June 19, 2024 at 12:39 pm on day 1 of subscription, the Akme Fintrade IPO has seen a subscription of 1.06 times.  The Non-Institutional Investor (NII) segment saw a subscription of 1.24 times, and the retail investors subscribed to 1.71 times.

The non-banking finance company (NBFC) raised around ₹38 crore from anchor investors on Tuesday, June 18. Anchor investors include Sigma Global Fund, Zeal Global Opportunities Fund, SB Opportunities Fund 1, and Vikasa India EIF Fund 1.

Share allocation: 50% to qualified institutional buyers (QIB), 15% to non-institutional investors (NII), and 35% to retail investors, with 5,50,000 shares reserved for employees.

Akme Fintrade is an RBI-registered NBFC, operating for over two decades in rural and semi-urban India, focusing on vehicle financing and business finance for small business owners.

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