Akme Fintrade IPO gets 11.61 times subscription on 2nd day of offer

The initial public offer of non-banking finance company Akme Fintrade (India) Ltd received 11.61 times subscription on the second day of bidding on Thursday.

The Rs 132 crore initial share sale received bids for 9,13,08,500 shares against 78,65,000 shares on offer, according to NSE data.

The quota for non-institutional investors got subscribed 22.21 times while the category for Retail Individual Investors (RIIs) fetched 15.11 times subscription. The Qualified Institutional Buyers (QIBs) portion received 17 per cent subscription.

The Initial Public Offer (IPO) of Akme Fintrade received 3 times subscription on the first day of bidding on Wednesday.

The IPO has a fresh issue of up to 1.1 crore equity shares.

The price range for the offer is Rs 114-120 per share.

Akme Fintrade (India) Ltd on Tuesday said it has raised nearly Rs 38 crore from anchor investors.
 

Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in four states -- Rajasthan, Maharashtra, Madhya Pradesh and Gujarat. The company's portfolio includes vehicle finance and business finance products for small business owners.

Gretex Corporate Services is the book-running lead manager to the offer.

Shares of the company will be listed on the BSE and NSE.