The initial public offer (IPO) of CreditAccess Grameen was subscribed 0.37 times on Thursday, the second day of the share sale, with investors bidding for 69.86 lakh shares of the 1.88 crore on offer. Qualified institutional buyers bid for 0.79 times the shares offered to them, high networth individuals for 0.02 times and retail investors for 0.28 times of their allocation.
On Tuesday, the firm allotted Rs 339.36 crore to 23 anchor investors at Rs 422 per equity share. Some of the anchor investors include Neuberger German Emerging Markets Equity Fund, ICICI Prudential Banking and Financial Services Fund, Sundaram Mutual Fund, HDFC Standard Life Insurance Company,Citigroup Global Markets and Bajaj Allianz Life Insurance Company.
CreditAccess Grameen had set a price band of Rs 418 to Rs 422 per share for its IPO. The issue consists of a fresh issue of shares for up to Rs 630 crore and an offer for sale (OFS) of Rs 501.18 crore.