CreditAccess Grameen's IPO to open on Aug 8, sets price band at Rs 418-422

Bangalore-based micro finance lender CreditAccess Grameen’s initial public offering (IPO) will open for subscription between August 8 and August 10. The IPO will comprise of fresh equity issuance worth Rs 6.3 billion and secondary share sale worth Rs 5 billion. The price band for the issue is Rs 418 to Rs 422 per share. At the top-end of the price band, CreditAccess will have post-issue market capitalisation of Rs 60.4 billion. The company focuses on providing micro loans to women borrowers in rural areas. For the year ended 2017-18, CreditAccess had reported net profit of Rs 1.25 billion on revenues of Rs 87.5 billion.