CreditAccess Grameen IPO Subscribed 2.17 Times

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    The Initial public offer by Bengaluru-based micro-finance company CreditAccess Grameen was subscribed 2.17 times on the last day of bidding on Friday. The company received bids for a total of 4.10 crore shares as against 1.88 crore equity shares on offer.

    CreditAccess Grameen IPO Subscribed 2.17 Times

    The IPO issue by CreditAccess Grameen comprised a fresh issue of up to Rs. 630 crore and an OFS of a maximum of 1,18,76,485 equity shares by CreditAccess Asia N V, the company's promoter group that amounts to as much as Rs. 501.18 crore. The price band for the issue was pegged in the range of Rs. 418- Rs. 422.

    QIBs or qualified institutional buyers made the bid for 5.52 times the portion reserved for them while HNIs and retail investors bid for 0.97 times and 0.79 times the shares offered to them respectively.

    The day before the IPO of CreditAccess Grameen opened for the public i.e. on Tuesday, the company netted Rs. 339.36 crore from 23 anchor investors by issuing shares at Rs. 422 per share. Some of the anchor investors include Neuberger German Emerging Markets Equity Fund, ICICI Prudential Banking and Financial Services Fund, Sundaram Mutual Fund, HDFC Standard Life Insurance Company,Citigroup Global Markets and Bajaj Allianz Life Insurance Company.

    The company is primarily focused on extending micro loans to predominantly women borrowers in rural areas. The company's promoter group Credit Access Asia NV is an MNC company with specialization in micro and small enterprise financing.

    Goodreturns.in

    CreditAccess Grameen IPO Subscribed 2.17 Times

    The Initial public offer by Bengaluru-based micro-finance company CreditAccess Grameen was subscribed 2.17 times on the last day of bidding on Friday. The company received bids for a total of 4.10 crore shares as against 1.88 crore equity shares on offer.
    The IPO issue by CreditAccess Grameen comprised a fresh issue of up to Rs. 630 crore and an OFS of a maximum of 1,18,76,485 equity shares by CreditAccess Asia N V, the company's promoter group that amounts to as much as Rs. 501.18 crore. The price band for the issue was pegged in the range of Rs. 418- Rs. 422.
    QIBs or qualified institutional buyers made the bid for 5.52 times the portion reserved for them while HNIs and retail investors bid for 0.97 times and 0.79 times the shares offered to them respectively.
    The day before the IPO of CreditAccess Grameen opened for the public i.e. on Tuesday, the company netted Rs. 339.36 crore from 23 anchor investors by issuing shares at Rs. 422 per share. Some of the anchor investors include Neuberger German Emerging Markets Equity Fund, ICICI Prudential Banking and Financial Services Fund, Sundaram Mutual Fund, HDFC Standard Life Insurance Company,Citigroup Global Markets and Bajaj Allianz Life Insurance Company.
    The company is primarily focused on extending micro loans to predominantly women borrowers in rural areas. The company's promoter group Credit Access Asia NV is an MNC company with specialization in micro and small enterprise financing.
    Goodreturns.in

    Read more about: ipo
    Story first published: Saturday, August 11, 2018, 11:17 [IST]
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