Shares of CreditAccess Grameen posted a muted debut, as the shares listed at Rs 385 on BSE, implying a discount of 9% as compared to the issue price of Rs 422 per share. Notably, the CreditAccess Grameen IPO was subscribed 2.17 times earlier this month, with investors bidding for 4.10 crore shares of the 1.88 crore on offer. Coming to the various categories, qualified institutional buyers bid for 5.52 times the shares offered to them, high networth individuals for 0.97 times and retail investors bid for 0.79 times of the shares offered. CreditAccess Grameen IPO was open between 8th and 10th August. The price band was fixed between Rs 418-422. \u00a0The issue comprised a fresh issue of shares for up to Rs 630 crore and an offer for sale (OFS) of Rs 501.18 crore. CreditAccess Grameen Limited is an Indian micro-finance institution focussed on providing micro-loans to predominantly women in rural areas. Also read:\u00a0Share Market Live: Sensex hits new record high, Nifty breaches 11,600 for first time in stock market history Considering the prospects of the issue, Hem Securities had rated a \u201cbuy\u201d on the IPO issue. \u201cThe company is bringing the issue at p\/b multiple of 2.94 on post issue book value at higher end of price band of Rs 418-422 Although co has shown strong growth with CAGR of more than 50% from FY14 to FY18 in its financials added by solid fundamentals as some of the co\u2019s ratios are one of the best in industry but low ROE which will dilute post listing is a concern. Hence, we rated issue a \u2018Subscribe\u2019 one with limited upside potential,\u201d Hem Securities said in a report.