Stanley Lifestyles files for IPO
Akme Fintrade re-files IPO papers with Sebi Non-banking financial company Akme Fintrade (India) Ltd on Monday re-filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). This came after the Securities and Exchange Board of India (Sebi) returned the company’s Draft Red Herring Prospectus (DRHP) on April 27 without providing reasons for the same. While returning the IPO prospectus, Sebi, generally, asks a company to file the papers again with certain updates. Going by the fresh draft papers, the size of the IPO remains unchanged. The initial share sale comprises fresh issuance of 1.1 crore equity shares with no offer for sale (OFS) component. Proceeds of the issue are proposed to be used to augment the capital base of the company.