IPO
Rural lender Akme Fintrade’s Rs.132-Cr IPO subscribed 55x
The initial public offer of Udaipur-based non-banking finance company Akme Fintrade (India) Ltd received 53.97 times subscription. The INR 132 crore initial share sale got bids for 42,44,43,250 shares against 78,65,000 shares on offer.The portion for Non-Institutional Investors (NIIs) garnered 129.53 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 43.67 times. The Qualified Institutional Buyers (QIBs) part received 28.12 times subscription.The IPO has a fresh issue of 1.1 crore equity shares. The price range for the offer is INR 114-120 per share. Akme Fintrade had raised nearly INR 38 crore from anchor investors.Akme provides rural and semi-urban-centric lending solutions to customers in Rajasthan, Maharashtra, Madhya Pradesh and Gujarat.Gretex Corporate Services is the book-running lead manager to the offer.
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