CreditAccess Grameen's IPO or initial public offering received moderate response from investors on Day 1.
The IPO ofCreditAccess Grameen, a Bengaluru-based microfinance institution, is estimated at Rs 1,100 crore.
At the end of the first day of issue, 47,83,205 bids were received as against the total issue size of1,88,29,684, data available with stock exchange NSE till 5:00 pm showed.
That indicated a 25 per cent subscription so far.
The CreditAccess Grameen IPO will close on Friday, August 10.
( Should you subscribe)The public offer of CreditAccess Grameen, promoted by multinational company CreditAccess Asia NV, is a mix of fresh issue and an offer for sale of 2,69,48,255 shares.
That includes a fresh issue of up to Rs.
630 crore and an offer for sale (OFS) up to 11,876,485 shares.
With that, the CreditAccess Grameen public offer is estimated at Rs.
1,126-1,131 crore.CreditAccess Grameen has set a price range (share price) of Rs.
418 to Rs.
422 for the IPO.
Shares in the CreditAccess Grameen issue are available for subscription in lots of 35.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 has a strong growth in financials and its customer-centric business model has resulted in high customer retention, according to brokerage HEM Securities, which has a 'subscribe' rating on the issue.