Akme Fintrade gets listed at 6% premium

26 Jun 2024 , 11:34 AM

Akme Fintrade (India) had a modest debut on June 26, listing at ₹127 on the NSE, which is a 6% premium over its issue price of ₹120.

The Akme Fintrade IPO, a book-built issue totaling ₹132 Crores, consists entirely of a fresh issue of 1.1 Crore shares. The bidding for the IPO occurred from June 19 to June 21, with allotment finalized on June 24. The shares are listed on both the BSE and NSE.

On the final day of bidding, June 21, the IPO received an overwhelming 53.97 times subscription, with bids for 42.44 Crore shares against the 78.65 lakh shares on offer, according to NSE data. The portion reserved for non-institutional investors was subscribed 129.53 times, the retail individual investors (RIIs) segment was subscribed 43.67 times, and the qualified institutional buyers (QIBs) category received 28.12 times the subscription.

The price band for the IPO was set at ₹114 – ₹120 per share. Gretex Corporate Services Ltd acted as the book-running lead manager, while Bigshare Services Pvt Ltd was the registrar for the issue.

Akme Fintrade, a non-banking finance company (NBFC) established in 1996, primarily offers loans for two-wheelers, four-wheelers, businesses, and mortgages. The company operates in four states: Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat, with 9 physical branches and 23 digital points of presence.