New Delhi, Jun 19 (PTI) The initial share sale of non-banking finance company Akme Fintrade (India) Ltd received 3 times subscription on the first day of bidding on Wednesday.

The Rs 132 crore initial public offer received bids for 2,36,47,500 shares against 78,65,000 shares on offer, according to NSE data.

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The quota for non-institutional investors fetched 5.15 times subscription while the Retail Individual Investors (RIIs) part got subscribed 4.16 times. The category for Qualified Institutional Buyers (QIBs) received 2 per cent subscription.

The Initial Public Offer (IPO) has a fresh issue of up to 1.1 crore equity shares.

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Price range for the offer is Rs 114-120 per share.

Akme Fintrade (India) Ltd on Tuesday said it has raised nearly Rs 38 crore from anchor investors.

Akme Fintrade is primarily engaged in providing rural and semi-urban-centric lending solutions to customers in four states -- Rajasthan, Maharashtra, Madhya Pradesh and Gujarat. The company's portfolio includes vehicle finance and business finance products for small business owners.

Gretex Corporate Services is the book-running lead manager to the offer.

Shares of the company will be listed on the BSE and NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)