The issue of Bengaluru-based micro-finance company CreditAccess Grameen lists at a discount of Rs. 392The issue price for the IPO had been fixed at the higher end of the price band which ranged between Rs. 418 and Rs. 422 per share.
The public issue was subscribed 2.22 times. The company received bids for a total of 4.10 crore shares as against 1.88 crore equity shares on offer primarily supported by QIB class of investors.
Also, if experts are to go by there are recommendations to accumulate the scrip on every decline as the company has strong fundamentals in the CAG business. And also, in the segment businesses have outperformed in the longer term.
However, there is also an outlook that the stock price shall not fall below the Rs. 400 mark given the weak demand for the scrip during the IPO.
The stock of CreditAccess Grameen was last seen quoting at Rs. 396 on the BSE.