Akme Fintrade IPO Oversubscribed 54 Times

New Delhi, Jun 21 (PTI) The initial public offer of non-banking finance company Akme Fintrade (India) Ltd received 53.97 times subscription on the closing day of bidding on Friday.

The Rs 132 crore initial share sale got bids for 42,44,43,250 shares against 78,65,000 shares on offer, as per NSE data.

The portion for non-institutional investors garnered 129.53 times subscription while the category for Retail Individual Investors (RIIs) got subscribed 43.67 times. The Qualified Institutional Buyers (QIBs) part received 28.12 times 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.