Akme Fintrade IPO Oversubscribed by 55 Times on Final Day

The initial public offering (IPO) of Akme Fintrade (India) Ltd, a non-banking financial company, was oversubscribed by 55.12 times on its closing day. The Rs 132-crore share sale received bids for over 43 crore shares against the 78.65 lakh shares on offer, highlighting strong investor interest.

In a remarkable show of investor enthusiasm, the initial public offering (IPO) of Akme Fintrade (India) Ltd was oversubscribed by a staggering 55.12 times on its closing day.

The Rs 132-crore IPO saw bids amassing over 43.35 crore shares against the 78.65 lakh shares available, according to National Stock Exchange data.

The IPO saw high demand across investor categories, with non-institutional investors subscribing 130.33 times, retail individual investors 45.78 times, and qualified institutional buyers 28.12 times. The IPO had already tripled its subscriptions on the first day of bidding on Wednesday.

The offer includes a fresh issue of up to 1.1 crore equity shares, with prices ranging from Rs 114 to Rs 120 per share. Notably, Akme Fintrade raised around Rs 38 crore from anchor investors prior to the general bidding.

Focused primarily on rural and semi-urban lending across Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat, Akme Fintrade's portfolio includes vehicle and business finance for small business owners. The company's shares will be listed on both BSE and NSE.

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

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