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Bengaluru-based CreditAccess Grameen's initial public offering (IPO) got a lukewarm response from investors with the offering garnering just 2.2 times subscription. The institutional investor portion of the IPO was subscribed five times, while the wealthy and retail investor remained unsubscribed. CreditAccess's IPO comprises of fresh equity issuance worth Rs 6.3 billion and secondary share sale worth Rs 5 billion. The price band for the IPO was Rs 418 to Rs 422 per share. At the top-end of the price band, CreditAccess will have post-issue market capitaliation of Rs 60.5 billion. The IPO was priced at nearly three times its 2017-18 book value (post-issue basis) and nearly 35 times its 2017-18 earnings. The IPO closes on Friday. "The near term looks great for Grameen, thanks to huge capital infusion and strong growth. However, the long term needs hard thinking - demonetisation has illustrated that even well run MFIs can lose 5 per cent to 10 per cent of assets in crisis," said Antique .

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