Akme Fintrade collects Rs 38 cr from anchor investors; IPO to open on Jun 19

New Delhi, Jun 18 (PTI) Non-banking finance company Akme Fintrade (India) Ltd on Tuesday said it has raised nearly Rs 38 crore from anchor investors, a day before its initial share sale opening for public subscription.

The anchor investors who have been allocated shares are 3 Sigma Global Fund, Zeal Global Opportunities Fund, SB Opportunities Fund 1 and Vikasa India EIF Fund 1, according to a circular uploaded on BSE's website.

The Udaipur-based company has allotted 31.35 lakh equity shares to anchor investors at Rs 120 apiece, totalling Rs 37.62 crore, it added.

The company's Rs 132 crore IPO comprises a fresh issue of 1.1 crore equity shares. The issue, with a price band of Rs 114-120 apiece, will open for subscription on June 19 and conclude on June 21.

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 Ltd is the sole book-running lead manager for the issue. The shares of the company will be listed on the BSE and NSE.