Akme Fintrade share price makes a lukewarm debut, stock opens with a mere 5.83% premium at ₹127 on NSE

Akme Fintrade share price made a lukewarm debut on the bourses today. On NSE, Akme Fintrade share price opened at ₹127 per share, 5.83% higher than the issue price of ₹120. On BSE, Akme Fintrade share price today opened at ₹125.70 apiece, up 4.75% than the issue price.

Market experts anticipated Akme Fintrade share price to open in the range of ₹170 to ₹180 apiece.

The Akme Fintrade IPO subscription status on the third day of bidding was 55.12 times, according BSE data. The subscription period for Akme Fintrade (India) Ltd.'s initial public offering (IPO), a non-banking financing company (NBFC), ran from June 19 to June 21.

Also Read: Akme Fintrade IPO listing date today. GMP, experts signal positive debut of shares

The Akme Fintrade IPO price band was established at ₹114 to ₹120 for each share, with a face value of ₹10. 125 equity shares were the lot size for the Akme Fintrade IPO.

The NBFC has more than 20 years of lending experience in rural and semi-urban parts of India, and it is registered with the RBI as a non-systemically significant non-deposit taking business. The company's main objective is to address the needs and ambitions of the rural and semi-urban inhabitants by providing finance solutions. The organisation provides small business owners with Business Finance Products and Vehicle Finance.

MAS Financial Services (P/E of 26.47), Shriram Finance (P/E of 14.73), Cholamandalam Investment and Finance Company (P/E of 33.52), Arman Financial Service (P/E of 20.99), and CSL Finance (P/E 22.70) are the company's listed peers.

Also Read: Akme Fintrade IPO listing tomorrow: Here's what GMP, subscription status hint ahead of share debut

Akme Fintrade IPO details

Akme Fintrade IPO, which is worth ₹132 crore, completely comprises a fresh issue, and there is no offer-for-sale component.

The company plans to use the net proceeds from the offering to boost its capital base in order to cover anticipated future capital needs resulting from asset and business development. Additionally, a portion of the issuance's proceeds will be used to pay for expenses associated with the issue.

Bigshare Services Pvt Ltd is the registrar for the Akme Fintrade IPO, while Gretex Corporate Services Limited is the book-running lead manager.

Also Read: Akme Fintrade IPO allotment finalised today; latest GMP, step-by-step guide to check status

Akme Fintrade IPO GMP today

Akme Fintrade IPO GMP or grey market premium is +16. This indicates Akme Fintrade share price were trading at a premium of ₹16 in the grey market, according to investorgain.com.

The Akme Fintrade IPO estimated listing price was suggested at ₹136 apiece, which is 13.33% more than the IPO price of ₹120, taking into account the top end of the IPO pricing band and the present premium on the grey market.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Akme Fintrade IPO closes today: Issue oversubscribed by 55.12x. Check GMP, subscription status. Should you apply?

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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