CreditAccess Grameen IPO Subscribed Over Two Times

CreditAccess Grameen's IPO or initial public offering concluded on Friday with a subscription of more than two times. At the end of the final day of issue, 4,17,97,980 bids were received as against the total issue size of 1,88,29,684, data available with stock exchange NSE till 5:00 pm showed. That meant a subscription of 2.2 times. The Rs 1,100-crore IPO of CreditAccess Grameen, a Bengaluru-based microfinance institution, had opened for subscription on August 8.

The public offer of CreditAccess Grameen, promoted by multinational company CreditAccess Asia NV, was a mix of fresh issue and an offer for sale. That included a fresh issue of up to Rs. 630 crore and an offer for sale (OFS) up to 1,18,76,485 shares. With that, the CreditAccess Grameen public offer is estimated at Rs. 1,126 crore-1,131 crore.

CreditAccess Grameen has said it will utilise the proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements. The company will not receive any proceeds from the offer for sale.

CreditAccess Grameen had raised around Rs 339 crore from anchor investors.

(With agency inputs)