IPO Update: CreditAccess Grameen opens at discount

The microfinance company listed at Rs. 385 per share, a discount of 8.7 per cent from the issue price of Rs. 422 on BSE Exchange, on Thursday.

We at DSIJ had opined in our IPO Analysis that investors should avoid this public offering, expecting a lacklustre listing for CreditAccess Grameen.

The IPO was open for subscription from August 8 to 10. The minimum lot size for the IPO was 35 shares at a price band of Rs. 418 to 422 per share. The IPO managed to get oversubscribed by 2 times on its last day of subscription.

CreditAccess Grameen is India's third-largest NBFC in microfinance segment catering mainly to women customers in rural areas.

On its debut day, the stock of CreditAccess Grameen closed at Rs. 420.80 per share, up by Rs. 35.80 or 9.30 per cent from its opening price.