Akme Fintrade Raises Rs 38 Crore from Anchor Investors Ahead of IPO

Non-banking finance company Akme Fintrade (India) Ltd has raised nearly Rs 38 crore from anchor investors. The IPO, opening on June 19, comprises a fresh issue of 1.1 crore equity shares with a price band of Rs 114-120 per share, and will close on June 21.

Non-banking finance company Akme Fintrade (India) Ltd has successfully raised nearly Rs 38 crore from anchor investors, just a day before its initial public offering (IPO) opens for public subscription.

Among the anchor investors who have been allotted shares are 3 Sigma Global Fund, Zeal Global Opportunities Fund, SB Opportunities Fund 1, and Vikasa India EIF Fund 1, as per a circular uploaded on the Bombay Stock Exchange's website.

The Udaipur-based company has allocated 31.35 lakh equity shares to these investors at Rs 120 each, totaling Rs 37.62 crore. The IPO, valued at Rs 132 crore, includes a fresh issue of 1.1 crore equity shares, with a price range set between Rs 114-120 per share. The subscription will commence on June 19 and conclude on June 21.

Akme Fintrade specializes in providing lending solutions aimed at rural and semi-urban areas across Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat. Their services encompass vehicle finance and business finance products for small business owners. Gretex Corporate Services Ltd is the sole book-running lead manager for the IPO. The company’s shares will be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).