Akme Fintrade IPO opens for subscription: Check issue size, price band and more

Akme Fintrade IPO: The initial public offering (IPO) of Akme Fintrade India Limited, also called Aasaan Loans, opened for subscription on Wednesday, June 19. The issue of the non-banking finance company, also called Aasan Loans, will close on Friday, June 21. It has set a price band of ₹114 to ₹120 per share.

The ₹132 crore IPO is a fresh issue of 1.1 crore equity shares. The company has already raised around ₹38 crore from anchor investors, including Zeal Global Opportunities Fund, 3 Sigma Global Fund, Vikasa India EIF Fund 1 and SB Opportunities Fund 1.

The Udaipur-based firm has allotted 31.35 lakh shares to anchor investors at the upper limit of price band at ₹120 apiece, aggregating to ₹37.62 crore.

The net proceeds of the IPO will be used to increase the company's capital base to meet future capital requirements.

The IPO lot size is 125 shares, and an investor can bid for a minimum of a single lot worth ₹14,250 and in multiples after that.

The book-running lead manager for Akme Fintrade IPO is Gretex Corporate Services. The shares of the company will debut on the NSE and the BSE.

Aasaan Loans IPO: Timeline

• Bidding dates: June 19 to June 21
• Finalisation of allotment: June 24
• Initiation of refund: June 25
• Demat account: June 25
• Listing on the NSE and the BSE: June 26

About Akme Fintrade India Ltd

Akme Fintrade (India) is an NBFC that operates primarily in rural and semi-urban locations and provides various loans, from vehicle to business finance.

Its key clients are individuals seeking financing for vehicles, including used commercial vehicles, two-wheeler loans, etc. It also provides business financing to small business owners, MSMEs (Micro, Small and Medium Enterprises), and SMEs.

The company, which has 12 branches, has served more than two lakh customers in Gujarat, Rajasthan, Madhya Pradesh and Maharashtra.

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