CreditAccess Grameen IPO subscribed 25 pc on Day 1

The nearly Rs 1,130-crore IPO received bids for 47,83,205 shares against the total issue size of 1,88,29,684 shares, data available with the NSE showed.

The initial public offer of microfinance firm CreditAccess Grameen was subscribed 25 percent on the first day of bidding today.

The nearly Rs 1,130-crore IPO received bids for 47,83,205 shares against the total issue size of 1,88,29,684 shares, data available with the NSE showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 69 percent, noninstitutional investors 1 percent and retail investors 11 percent.

The IPO, which is scheduled to close on Friday, has been set in a price band for Rs 418-422 per shares.

The offer comprises of a fresh issue of equity shares aggregating up to Rs 630 crore and an offer for sale of up to 1,18,76,485 shares (including anchor portion of 80,41,617 shares).

Out of this, CreditAccess Grameen had yesterday raised over Rs 339 crore from anchor investors.

The Bengaluru-based firm had filed draft papers with the Securities and Exchange Board of India to float an IPO in January and received the regulator's go-ahead in June.

ICICI Securities, Credit Suisse Securities, IIFL Holdings and Kotak Mahindra Capital Company are managing the issue.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)