Bangalore-headquartered microfinance lender CreditAccess Grameen is planning to raise around Rs 1,131.18 crore from its initial public offering (IPO).
The company has set a price band of Rs 418-422 per share for its IPO and when calculated at the upper band of the issue price, the company will be valued at about Rs 6,049.63 crore.
The IPO is scheduled to open on August 8 and close on August 10. Bids can be made for a minimum of 35 equity shares and multiples of 35 thereof. The IPO consists of a fresh issue of shares for up to `630 crore and an offer for sale (OFS) of Rs 501.18 crore.
CreditAccess Grameen is an Indian microfinance institution focussed on providing micro loans to women, predominantly in rural areas. It has followed a strategy of contiguous district-based expansion across 132 district in eight states. Those states include Karnataka, Maharashtra, Tamil Nadu, Chhattisgarh, Madhya Pradesh, Odisha, Kerala and Goa in addition to one union territory of Puducherry. The company’s promoter is Credit Access Asia, a multinational company specialising in micro and small enterprise financing.
The equity shares of Credit Access Grameen are proposed to be listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
ICICI Securities, Credit Suisse, IIFL and Kotak Investment Banking are the book running lead managers to the issue.