Akme Fintrade Sets IPO Price Band At Rs 114–120 Apiece
The maiden share sale to raise up to Rs 132 crore will begin on June 19 and continue till June 21.
Akme Fintrade (India) Ltd. has set a price band of Rs 114–120 per share for its initial public offering, which comprises a fresh issue of 1.1 crore equity shares with no offer-for-sale component.
The minimum lot size will be 125 shares, with further bids to be made in multiples thereof, according to the price band advertisement released by the company on Friday.
The maiden share sale to raise up to Rs 132 crore will begin on June 19 and continue till June 21. The anchor portion of the offer will open on June 18, it said. The issue also has 5.5 lakh shares reserved for its employees. Investors who bid for the issue can check the Akme Fintrade (India) IPO allotment status here.
Gretex Corporate Services Ltd. is the sole book-running lead manager for the issue.
The company re-filed the draft IPO papers after the Securities and Exchange Board of India returned it without providing reasons last year.
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.
