Akme Fintrade IPO Sees Overwhelming Demand, Receives 11.61x Subscription on Day Two

The IPO of Akme Fintrade (India) Ltd, a non-banking finance company, witnessed 11.61 times subscription by the second day of bidding. Bids for 9,13,08,500 shares were received against 78,65,000 shares on offer. The firm aims to raise Rs 132 crore, with shares priced between Rs 114-120 each.

The initial public offering (IPO) of Akme Fintrade (India) Ltd, a non-banking finance company, garnered significant investor interest, achieving 11.61 times subscription on the second day of bidding on Thursday.

According to the National Stock Exchange (NSE) data, the Rs 132 crore IPO received bids for 9,13,08,500 shares against the 78,65,000 shares on offer. Among different investor categories, non-institutional investors subscribed 22.21 times, while retail individual investors (RIIs) saw 15.11 times subscription. The portion allocated for qualified institutional buyers (QIBs) received a 17 per cent subscription.

On the first day of bidding, the IPO had already achieved three times subscription. The offering includes a fresh issue of up to 1.1 crore equity shares, with a price range set between Rs 114 and Rs 120 per share. Anchor investors had earlier contributed nearly Rs 38 crore, adding to the IPO's momentum. Gretex Corporate Services serves as the book-running lead manager for the offer, and the shares will be listed on the BSE and NSE.

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