Akme Fintrade IPO Receives Massive Response, Subscribed 3 Times on First Day

The initial share sale of non-banking finance company Akme Fintrade (India) Ltd was subscribed 3 times on the first day of bidding, with a notable response from non-institutional and retail investors. The IPO aims to raise Rs 132 crore, with shares priced between Rs 114-120 each.

The initial public offer of Akme Fintrade (India) Ltd saw an overwhelming response on its first day, being subscribed three times over.

Data from the NSE reveals that the Rs 132 crore IPO received bids for 2,36,47,500 shares against an offer of 78,65,000 shares.

The non-institutional investors' quota was subscribed 5.15 times, while the Retail Individual Investors (RIIs) part saw 4.16 times subscription. Qualified Institutional Buyers (QIBs) had a 2 per cent subscription rate.

The IPO includes a fresh issue of up to 1.1 crore equity shares, priced between Rs 114 and Rs 120 per share.

Akme Fintrade, which focuses on lending solutions in rural and semi-urban areas across Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat, raised nearly Rs 38 crore from anchor investors prior to the IPO.

Gretex Corporate Services is managing the offer, with the company's shares set to be listed on both the BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)