Akme Fintrade IPO: NBFC garners ₹38 crore from anchor investors ahead of public issue

Also read: Akme Fintrade IPO: From latest GMP to lot size, here are key things to know

The Udaipur-based company allotted 31.35 lakh equity shares to anchor investors at ₹120 each, totaling ₹37.62 crore.

“The Board of Directors of the Company at their respective meetings held on June 18. 2024, in consultation with the Book Running Lead Managers to the Issue, has finalized allocation of 31,35.000 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 120 per Equity Share,” the firm said in its filing.

Akme Fintrade IPO details

Akme Fintrade (India) Ltd is set to launch its ₹132 crore initial public offering (IPO) on D-Street next week, with the subscription period open from June 19 to June 21. The company has fixed a price band of ₹114-120 per share for the issue.

Akme Fintrade’s ₹132 crore IPO consists of a fresh issue of 1.1 crore equity shares. The issue, with a price band of ₹114-120 per share, will open for subscription on June 19 and close on June 21.

Also read: Akme Fintrade IPO: Price band set at ₹114-120 per share; check GMP, key dates, issue details, more

The proceeds from the IPO will primarily be used to strengthen Akme Fintrade (India) Ltd’s capital base, supporting its future business growth and asset expansion. Additionally, a portion of the funds will be allocated to cover issuance-related expenses.

Specializing in rural and semi-urban-centric lending, Akme Fintrade operates in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat. Its 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 company’s shares will be listed on the BSE and NSE.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore the latest updates here!

Published: 18 Jun 2024, 09:42 PM IST