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CreditAccess Grameen IPO is a book build issue of ₹1,131.19 crores. The issue is a combination of fresh issue of 1.49 crore shares aggregating to ₹630.00 crores and offer for sale of 1.19 crore shares aggregating to ₹501.19 crores.
CreditAccess Grameen IPO bidding started from Aug 8, 2018 and ended on Aug 10, 2018. The allotment for CreditAccess Grameen IPO was finalized on Aug 16, 2018. The shares got listed on BSE, NSE on Aug 23, 2018.
CreditAccess Grameen IPO price band is set at ₹422.00 per share . The lot size for an application is 35. The minimum amount of investment required by an retail is ₹14,630 (35 shares). The lot size investment for sNII is 14 lots (490 shares), amounting to ₹2,06,780, and for bNII, it is 68 lots (2,380 shares), amounting to ₹10,04,360.
Credit Suisse Securities (India) Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to CreditAccess Grameen IPO RHP for detailed Information.
| IPO Date | August 8, 2018 to August 10, 2018 |
| Listing Date | August 23, 2018 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹418 to ₹422 per share |
| Issue Price Final | ₹422 per share |
| Lot Size | 35 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,68,05,394 shares (aggregating up to ₹1,131.19 Cr) |
| Fresh Issue | 1,49,28,909 shares (aggregating up to ₹630.00 Cr) |
| Offer for Sale | 1,18,76,485 shares of ₹10 (aggregating up to ₹501.19 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 12,84,27,337 shares |
| Share Holding Post Issue | 14,33,56,246 shares |
CreditAccess Grameen IPO offers total 2,68,05,394 shares. Out of which 1,34,02,696 (50.00%) allocated to QIB, 53,61,079 (20.00%) allocated to QIB, 40,20,810 (15.00%) allocated to NII, 93,81,888 (35.00%) allocated to RII and 80,41,617 (30.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 1,34,02,696 (50.00%) | NA |
| − Anchor Investor Shares Offered | 80,41,617 (30.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 53,61,079 (20.00%) | NA |
| NII (HNI) Shares Offered | 40,20,810 (15.00%) | NA |
| Retail Shares Offered | 93,81,888 (35.00%) | 2,68,053 |
| Total Shares Offered | 2,68,05,394 (100.00%) |
CreditAccess Grameen IPO opens on August 8, 2018, and closes on August 10, 2018.
| IPO Open Date | Wed, Aug 8, 2018 |
| IPO Close Date | Fri, Aug 10, 2018 |
| Tentative Allotment | Thu, Aug 16, 2018 |
| Initiation of Refunds | Mon, Aug 20, 2018 |
| Credit of Shares to Demat | Tue, Aug 21, 2018 |
| Tentative Listing Date | Thu, Aug 23, 2018 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Aug 10, 2018 |
Investors can bid for a minimum of 35 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 35 | ₹14,770 |
| Retail (Max) | 13 | 455 | ₹1,92,010 |
| S-HNI (Min) | 14 | 490 | ₹2,06,780 |
| S-HNI (Max) | 67 | 2,345 | ₹9,89,590 |
| B-HNI (Min) | 68 | 2,380 | ₹10,04,360 |
Incorporated in 1991, Bengaluru based CreditAccess Grameen Limited is a company engaged in providing micro-loans to women in Rural Areas in India. According to CRISIL Research,as of March 31, 2017, the company is third largest NBFC-MFI in gross loan portfolio in the country.
The company primarily focuses on providing income generating loans to women with low annual household income in Rural Areas. It also provides other types of loans for family welfare, home improvement and emergency funds.
The loans are provided primarily under the joint liability group ("JLG") model. Income generation loans comprise 87.02% the total JLG loan portfolio.
Presently the company covers 132 districts in the eight states (Chhattisgarh, Goa, Karnataka, Kerala, Maharashtra, Madhya Pradesh, Odisha, Tamil Nadu,) and Puducherry. It has a network of 516 branches and 4,544 loan officers.
The Gross AUM was Rs 49,746.61 million as of March 31, 2018.
The loan disbursements were Rs 33,488.46 million, Rs 34,026.29 million and Rs 60,817.22 million, the financial years ended March 31, 2016, 2017 and 2018 respectively.
The net interest income was Rs 2,487.04 million, Rs 3,852.04 million and Rs 5,109.85 million for the fiscal years ended March 31, 2016, 2017 and 2018 respectively.
Strengths of the Company-
1. Promoted by CreditAccess Asia N.V., a multinational company specializing in MSE financing.
2. Strong financial performance with Gross AUM growth at a CAGR of 57.45% from Rs 8,095.22 million in March 31, 2014 to Rs 49,746.61
million in March 31, 2018.
3. Deep penetration in the rural market with 1.85 million active Customers out of the total Customer base of 2.19 million. The company's 422 out of 516 branches are categorized as rural branches.
4. Well-diversified operations with no single district contributing more than 5% of Gross AUM
5. Strong operational efficiency with the lowest operating expense ratio amongst the top-eight NBFC-MFIs and SFBs for 2017, according to CRISIL
| Particulars | For the year/period ended (in Rs. Millions) | |||||
|---|---|---|---|---|---|---|
| 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | ||
| Total Assets | 52,183.48 | 35,640.72 | 28,079.76 | 17,268.09 | 10,580.80 | |
| Total Revenue | 8,752.05 | 7,092.61 | 4,667.19 | 2,814.28 | 1,478.29 | |
| Profit After Tax | 1,246.41 | 802.98 | 832.41 | 487.32 | 166.26 | |
The Offer comprises of the Fresh Issue and the Offer for Sale.
The Company will not receive any proceeds from the
Offer for Sale.
The net Proceeds from the Fresh Issue will be utilized towards augmenting the capital base to meet future
capital requirements of the company which are
expected to arise out of growth in the Company's assets, primarily the Company's loans and advances and other investments.
[Dilip Davda] According to management, they will continue their core business and are not having banking and other activities forey plans. With the current portfolio it will expand its horizon and performance going forward. Based on these aspects, although prima facie issue appears fully priced, investors may consider investment for long term. Read detail review...
| Listing Date | August 23, 2018 |
| BSE Script Code | 541770 |
| NSE Symbol | CREDITACC |
| ISIN | INE741K01010 |
| Final Issue Price | ₹422 per share |
| BSE Listing Group | B |
CreditAccess Grameen Ltd.
New No. 49 (Old No. 725) , 46th Cross, 8th Block
Jayanagar, Next to Rajalakshmi Kalyan Mantap,
Bangalore 560 071,
Bangalore Urban, Karnataka
Phone: +91 80 2263 7300
Email: csinvestors@grameenkoota.org
Website: http://www.grameenkoota.org/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: cgl.ipo@karvy.com
Website: https://ipostatus.kfintech.com/
CreditAccess Grameen IPO is a main-board IPO of 2,68,05,394 equity shares of the face value of ₹10 aggregating up to ₹1,131.19 Crores. The issue is priced at ₹422 per share. The minimum order quantity is 35.
The IPO opens on August 8, 2018, and closes on August 10, 2018.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in CreditAccess Grameen IPO using UPI as a payment gateway. Zerodha customers can apply in CreditAccess Grameen IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in CreditAccess Grameen IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The CreditAccess Grameen IPO opens on August 8, 2018 and closes on August 10, 2018.
CreditAccess Grameen IPO lot size is 35, and the minimum amount required for application is ₹14,770.
You can apply in CreditAccess Grameen IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for CreditAccess Grameen IPO will be done on Thursday, August 16, 2018, and the allotted shares will be credited to your demat account by Tuesday, August 21, 2018. Check the CreditAccess Grameen IPO allotment status.
The CreditAccess Grameen IPO listing date is on Thursday, August 23, 2018.
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