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Akme Fintrade (India) IPO subscribed 53.97 times

Published on Jun 21, 2024 17:36

The initial public offer (IPO) of Akme Fintrade (India) received 42,44,43,250 bids for shares as against 78,65,000 shares on offer, according to stock exchange data at 17:30 IST on Friday (21 June 2024). The issue was subscribed 53.97 times.

The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed at Rs 114 to 120 per share. An investor can bid for a minimum of 125 equity shares and in multiples thereof.

The offer comprises only of fresh issue of 1.1 crore equity shares. The promoter shareholding in the company would decline to 41.6% post- IPO from 56.0% pre-IPO.

The company proposes to utilize the net proceeds from the fresh issue towards augmenting the capital base to meet future capital requirements.

The firm expects to receive the benefits of listing the equity shares on the stock exchanges, including to enhance brand image among existing and potential customers and creation of a public market for the equity shares in India.

Ahead of the IPO, Akme Fintrade (India) on Tuesday, 18 June 2024, raised Rs 37.62 crore from anchor investors. The board allotted 31.35 lakh shares at Rs 120 each to 4 anchor investors.

Akme Fintrade is a non-banking finance company (NBFC) incorporated in 1996, offering vehicle and business loans in rural and semi-urban geographies. The company carries out its operations in the format of hub & spoke business model.

It has presence in 4 states - Rajasthan, Maharashtra, Madhya Pradesh and Gujarat through 12 branches and over 25 points of presence (physical and digital) having served over 2 lakh customer. Its registered office is located at Udaipur, Rajasthan and Corporate Office is at Mumbai, Maharashtra.

The firm reported a net profit of Rs 12.25 crore and income from operations of Rs 50.77 crore for the nine months ended on 31 December 2023.

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