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Shares of non-banking finance company Akme Fintrade (India) Ltd listed nearly 6 per cent higher on Wednesday against the issue price of ₹120.
The stock began the trade at ₹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 ₹131.95.
At the NSE, shares of the company are listed at ₹127, up 5.83 per cent.
The company’s market valuation stood at ₹563.10 crore.
The initial public offering (IPO) of Akme Fintrade (India) Ltd received 55.12 times subscription on Friday, the closing day of bidding.
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 ₹114-120 per share.
Akme Fintrade primarily provides 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.
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