After making a tepid debut today, Credit Access Grameen’s stock is trading at Rs 409.70 (11:00 IST). The stock opened weak today with 7 per cent discount at Rs 393 against the issue price of Rs 422. The microfinance institution earlier this month brought an issue of Rs 1,126-1,131 crore at a price range of Rs 418 to Rs 422.Also Read - Nazara Technologies Share Price: Rakesh Jhunjhunwala-Backed Firm Witnesses Blockbuster Listing On BSE Sensex, NSE

The Bangalore based company focuses on providing micro-loans to women customers predominantly in rural areas in India. Credit Access Grameen was registered in January 2018 and it offers various services, including family welfare income generation and home improvement loans. Also Read - Laxmi Organic IPO, Craftsman Automaton Initial Public Offering Listing Today: Key Points, Check Allotment Status at BSE Website

The initial public offer of microfinance firm CreditAccess Grameen was subscribed 2.22 times on the last day of bidding today. Also Read - Financial inclusion schemes will ensure growth opportunities

The Rs 1,131-crore IPO received bids for 4,17,97,980 shares against the total issue size of 1,88,29,684 shares.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 5.52 times, non institutional investors 98 per cent and retail investors 88 per cent.

The public offer comprises of fresh issue of up to Rs 630 crore and an offer for sale of up to 11,876,485 shares, including anchor portion of 8,041,617 shares.

ICICI Securities, Credit Suisse Securities (India), IIFL Holdings and Kotak Mahindra Capital Company managed the issue.

According to CRISIL Research, it is the third largest NBFC-MFI in India in terms of gross loan portfolio as of March 2017. As of March 2018, it covered 132 districts in the eight states (Karnataka, Maharashtra, Tamil Nadu, Chhattisgarh, Madhya Pradesh, Odisha, Kerala, Goa) and one union territory (Puducherry) in India through 516 branches and 4,544 loan officers.

Its promoter CreditAccess Asia N V is a multinational company specialising in MSE financing (micro and small enterprise financing), which is backed by institutional investors and has micro-lending experience through its subsidiaries in four countries in Asia, according to a newsletter from SME.

(With PTI Inputs)