Akme Fintrade IPO Subscribed 3.01 Times On Day 1

The initial public offering of Akme Fintrade (India) Ltd., which operates Aasaan Loans, was fully subscribed on its opening day on Wednesday. The company aims to raise Rs 132 crore from the IPO, which comprises a fresh issue of 1.1 crore equity shares with no offer-for-sale component.

Akme has set a price band of Rs 114–120 per share for the issue, which will close on Friday. The minimum lot size will be 125 shares, with further bids to be made in multiples thereof.

The company raised Rs 37.6 crore from anchor investors on Tuesday. The issue also has 5.5 lakh shares reserved for its employees, and the tentative listing date is June 26.

Gretex Corporate Services Ltd. is the sole book-running lead manager for the issue.

• Issue opens: June 19.

• Issue closes: June 21.

• Issue price: Rs 114–120 per share.

• Fresh issue: 1.1 crore equity shares.

• Total issue size: Rs 132 crore.

• Bid lot: 125 shares.

• Listing: BSE and NSE.

Udaipur-based Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in four states — Rajasthan, Maharashtra, Madhya Pradesh and Gujarat.

The company's portfolio includes vehicle finance and business finance products for small business owners. Proceeds of the issue are proposed to be used to augment the capital base of the company.

The IPO has been subscribed 3.01 times as of 5:00 p.m. on Wednesday.

• Institutional investors: 0.02 or 2%.

• Non-institutional investors: 5.15 times.

• Retail investors: 4.17 times.

• Employee reserved: 0.56 times or 56%.