IPO of microlender CreditAccess Grameen opens on August 8
CreditAccess Grameen Limited is a microfinance company lending to rural and low-income group. The IPO is open for subscription until August 10, 2018.
The company was formerly known as Grameen Koota Financial Services Private Limited. The microlender adopted Grameen Bank's group lending methodology of microfinance to the Indian setting and later registered with the RBI as a NBFC-MFI in 2013.
CreditAccess Grameen offers Income Generation Loan, Emergency Loan, Family Welfare Loan and Home Improvement Loan. The company also operates as an aggregator for the National Pension Scheme (NPS) of the Government of India.
The Initial Public Offering comprises of Fresh Issue of Rs. 6,300 million and an offer for sale of up to 11,876,485 equity shares of the company which is offered through a 100 per cent book building process. The fixed price range for the IPO is Rs. 418 to Rs. 422 per equity share of Face Value Rs. 10 each. The minimum bid lot is of 35 shares and in multiples thereof.