CreditAccess Grameen makes tepid debut; lists over 8% below issue price

Microfinance firm CreditAccess Grameen today made a tepid debut on stock exchanges, with the stock falling over eight percent from the issue price of Rs 422.

The stock opened 8.76 lower on BSE at Rs 385 a piece, compared to the issue price of Rs 422. It finally settled at Rs 420.80, which is 0.28 percent down over the issue price.

On NSE, the scrip got listed at Rs 390, which is a 7.6 percent discount from the issue price. In the intra-day trade, it had touched a high of Rs 426.90 and a low of Rs 385 and finally ended the trading session at Rs 418.

At the end of today's session, the company's market capitalization stood at Rs 6,032.43 crore.

CreditAccess, which recently concluded Rs 1,131-crore initial public offer (IPO), was subscribed more than two times during the August 8-10 offer period.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 5.52 times, while that of non- institutional investors was 98 percent and retail investors witnessed a subscription of 88 percent.

The IPO comprised a fresh issue of shares worth up to Rs 630 crore besides an offer for sale of up to 1,18,76,485 shares with a price band of Rs 418-422 apiece.

ICICI Securities, Credit Suisse Securities (India), IIFL Holdings and Kotak Mahindra Capital Company managed the issue.

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