Akme Fintrade India's IPO to raise ₹132 cr, begins June 19

Akme Fintrade India Ltd. is starting its initial share sale on Wednesday, June 19, and it will end on June 21.

The non-bank financial company raised about ₹38 crore from anchor investors just before the IPO.

According to information from a BSE circular, shares were allocated to investors such as 3 Sigma Global Fund, Zeal Global Opportunities Fund, SB Opportunities Fund 1, and Vikasa India EIF Fund 1.

On Wednesday, the company's shares were trading at a ₹40 premium in the grey market.

The IPO price is set between ₹114-120 per share, and investors can bid for at least 125 shares.

At the highest price, the company hopes to raise ₹132 crore. The IPO includes selling 1.10 crore shares, each with a face value of ₹10.

Half of the shares are for qualified institutional buyers, 35% are for retail investors, and 15% are for non-institutional investors.

Akme Fintrade India Limited, founded in 1996 and overseen by the Reserve Bank of India, focuses on providing financial services to rural and semi-urban areas across India.

They specialize in offering loans for vehicles and businesses to small business owners and SMEs.