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.
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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.
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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.
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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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