Shares of non-banking finance company Akme Fintrade (India) Ltd listed nearly 6 per cent higher on Wednesday against the issue price of Rs 120. The stock began the trade at Rs 125.70, reflecting a jump of 4.75 per cent from the issue price on the BSE.
It later climbed 9.95 per cent to Rs 131.95. At the NSE, shares of the company listed at Rs 127, up 5.83 per cent. The company's market valuation stood at Rs 563.10 crore. The initial public offering (IPO) of Akme Fintrade (India) Ltd received 55.12 times subscription on the closing day of bidding on Friday. The Rs 132-crore initial share sale had a fresh issue of up to 1.1 crore equity shares.
The price range for the offer was Rs 114-120 per share. Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in Rajasthan, Maharashtra, Madhya Pradesh and Gujarat. The company's portfolio includes vehicle finance and business finance products for small business owners.
(PTI)
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