CreditAccess Grameen lists at a discount on the bourses; opens at Rs 385 against issue price of Rs 422

New Delhi: Shares of microfinance firm CreditAccess Grameen on Thursday made a weak debut on the bourses, falling over eight percent from the issue price of Rs 422. The stock got listed at Rs 385 apiece on BSE, which is a 8.7 percent discount from its issue price. [caption id=“attachment_4472957” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] Similarly on NSE, the scrip opened at Rs 390, a plunge of 7.6 percent from the issue price. It touched a high of Rs 421.90 and a low of Rs 385. CreditAccess, which recently concluded Rs 1,131-crore initial public offer (IPO), was subscribed more than two times during the August 8-10 offer period. The portion set aside for qualified institutional buyers (QIBs) was subscribed 5.52 times, while that of non- institutional investors was 98 percent and retail investors witnessed a subscription of 88 percent. The IPO comprised a fresh issue of shares worth up to Rs 630 crore besides an offer for sale of up to 1,18,76,485 shares with a price band of Rs 418-422 apiece. ICICI Securities, Credit Suisse Securities (India), IIFL Holdings and Kotak Mahindra Capital Company managed the issue.