The shares of Akme Fintrade India, a non-deposit taking non-systematically important NBFC, listed on the exchanges today, opening significantly higher than the issue price. On the NSE, Akme Fintrade shares opened at Rs 127 per share, a 6% increase from the issue price of Rs 120. On the BSE, the shares opened at Rs 125.70 apiece, up 4.75% from the issue price.
The public offer by Akme Fintrade India was oversubscribed by a remarkable 55.12 times at its close. The category for qualified institutional bidders (QIBs) was subscribed 28.12 times.
While the portion for non-institutional investors saw a subscription of 130.33 times. The quota set aside for retail investors was subscribed 45.78 times, and the employees’ segment saw bidding for 5.53 times.
The company sold its shares in the price range of Rs 114-120 apiece, with a lot size of 73 shares. Through this issue, Akme Fintrade India raised Rs 132 crore, which included a fresh equity sale of Rs 1.10 crore
About the company
Established in 1996, Akme Fintrade is a non-banking financial company (NBFC) with over 20 years of experience in providing lending solutions to rural and semi-urban areas in India.
The company focuses primarily on catering to the needs and aspirations of the rural and semi-urban populace.
Financial Performance
Between the financial years ending March 31, 2022, and March 31, 2023, Akme Fintrade’s revenue increased by 3.06%, while its profit after tax (PAT) rose by an impressive 283.5%.
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