Shares of Akme Fintrade (India) was locked in upper circuit of 5% at Rs 131.95 at 10:46 IST on the BSE, representing a premium of 9.96% as compared with the issue price of Rs 120.
The scrip was listed at Rs 125.70, exhibiting a premium of 4.75% to the issue price.So far, the stock has hit a low of 125.70. On the BSE, over 2.03 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Akme Fintrade (India) was subscribed 55.12 times. The issue opened for bidding on 19 June 2024) and it closed on 21 June 2024. The price band of the IPO was fixed at Rs 114 to 120 per share.
The offer comprises only of fresh issue of 1.1 crore equity shares. The promoter shareholding in the company would decline to 41.6% post- IPO from 56.0% pre-IPO.
The company proposes to utilize the net proceeds from the fresh issue towards augmenting the capital base to meet future capital requirements.
The firm expects to receive the benefits of listing the equity shares on the stock exchanges, including to enhance brand image among existing and potential customers and creation of a public market for the equity shares in India.
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Akme Fintrade is a non-banking finance company (NBFC) incorporated in 1996, offering vehicle and business loans in rural and semi-urban geographies. The company carries out its operations in the format of hub & spoke business model.
It has presence in 4 states - Rajasthan, Maharashtra, Madhya Pradesh and Gujarat through 12 branches and over 25 points of presence (physical and digital) having served over 2 lakh customer. Its registered office is located at Udaipur, Rajasthan and Corporate Office is at Mumbai, Maharashtra.
The firm reported a net profit of Rs 12.25 crore and income from operations of Rs 50.77 crore for the nine months ended on 31 December 2023.
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