Akme Fintrade raised ₹38 crore ahead IPO via anchor book

19 Jun 2024 , 09:22 AM

Non-banking finance company Akme Fintrade (India) announced on Tuesday that it raised nearly ₹38 crore from anchor investors. This announcement comes a day before its initial public offering (IPO) opens for public subscription.

According to a notice on the BSE’s website, the anchor investors who received shares include 3 Sigma Global Fund, Zeal Global Opportunities Fund, SB Opportunities Fund 1, and Vikasa India EIF Fund 1.

Akme Fintrade, based in Udaipur, allotted 31.35 lakh equity shares to these investors at ₹120 per share, totaling ₹37.62 crore.

The company’s IPO aims to raise ₹132 Crore through a fresh issue of 1.1 crore equity shares. The price range for the shares is set at ₹114-120 each. The subscription period for the IPO is from June 19 to June 21.

Akme Fintrade focuses on providing lending solutions to rural and semi-urban customers in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat. Their services include vehicle finance and business loans for small business owners.

Gretex Corporate Services is the sole book-running lead manager for this IPO. The company’s shares will be listed on both the BSE and NSE.