CreditAccess Grameen IPO Subscribed 2.2 Times On Final Day
CreditAccess IPO received maximum demand from qualified institution buyers.
CreditAccess Grameen’s Rs 1,131-crore initial public offering was subscribed 2.2 times by the end of final day of bidding.
Shares offered to the qualified institution buyers were subscribed 5.52 times, according to data on the National Stock Exchange. It was followed by high-net-worth individuals subscribing 0.98 times the portion allocated to them. The portion reserved for retail investors received the least demand of 0.88 times. The unsold portion of shares set aside for high-net-worth and retail investors will go to institutions.
The maiden offer, a combination of fresh issue and offer-for-sale, closed today. The lender, promoted by Netherlands-based CreditAccess Asia NV, will use the funds raised from the fresh issue to augment its capital base.
The Bengaluru-based company earlier raised Rs 339 crore from anchor investors at Rs 422 per share. The foreign investors who participated in the anchor allotment included Citigroup , HSBC, BNP Paribas. HDFC Standard Life, Sundaram Mutual Fund and ICICI Prudential were some of the domestic investors that participated.