Check out Akme Fintrade IPO details here
Akme Fintrade Ltd, established in 1996, is a non-banking financial company (NBFC) registered with the Reserve Bank of India. It specializes in providing lending solutions tailored to the unique needs of rural and semi-urban regions in India. The company’s product portfolio includes vehicle finance and business finance, focusing on small business owners.
With over two decades of experience, Akme Fintrade has established a significant presence in high-growth markets, emphasizing operational efficiency and customer acquisition. The company operates in Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat, with a corporate office in Mumbai and a registered office in Udaipur.
IPO News: Akme Fintrade IPO is set to go public on the upcoming Wednesday, June 26. The allotment of shares was completed on Monday, June 24, and the shares are scheduled to be credited to investors’ demat accounts today, June 25, which is also the day when the refund process for unallocated shares will be concluded.
On the final day of bidding, the Akme Fintrade IPO was subscribed 55.12 times over, as per Bombay Stock Exchange (BSE) records. The subscription window for the Akme Fintrade IPO, a non-banking financial company (NBFC), was open from June 19 to June 21.
The Akme Fintrade IPO price range, headquartered in Udaipur, is set at ₹114 to ₹120 per share and secured nearly ₹38 crore from anchor investors. Akme Fintrade primarily provides loan services, focusing on the rural and semi-urban clientele in the states of Rajasthan, Maharashtra, Madhya Pradesh, and Gujarat, offering business financing for small enterprises and vehicle loans.
The shares of Akme Fintrade GMP are of ₹20, as reported by investorgain.com, indicating that the shares are being traded at ₹20 above the issue price in the grey market. The anticipated listing price of the shares is projected at ₹140 each, which is a 16.67% increase from the upper limit of the IPO price band, considering the ongoing grey market premium.
Market analysts from investorgain.com have observed a declining trend in the GMP, which currently stands at ₹20, based on the past 13 sessions’ grey market activities. The GMP has fluctuated between ₹0 and ₹48.
The term ‘grey market premium’ reflects the additional amount investors are willing to pay above the official issue price.
In terms of the IPO specifics, the Akme Fintrade IPO aims to raise ₹132 crore exclusively through a fresh issue, without any offer-for-sale component. The company plans to utilize the net proceeds to bolster its capital base to support anticipated future capital needs arising from growth in business and assets. Additionally, a portion of the funds raised will be allocated to cover the expenses related to the issue.
Gretex Corporate Services Limited is serving as the book-running lead manager for the IPO, and Bigshare Services Pvt Ltd has been appointed as the registrar.
