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

According to NSE data, bids were received for 2,36,47,500 shares against 78,65,000 shares in the Rs 132 crore initial public offering.

The quota for non-institutional investors was subscribed 5.15 times, while that for retail individual investors (RIIs) was subscribed 4.16 times. The qualified institutional buyers (QIB) category received 2 per cent subscription.

The latest issue is of 1.1 crore equity shares in the initial public offering (IPO).

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

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

Acme Fintrade is primarily engaged in providing rural and semi-urban-focused 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.

Greatex Corporate Services is the book-running lead manager of the offering.

The shares of the company will be listed on BSE and NSE.