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India's CreditAccess Grameen lists below IPO price

Microfinance lender CreditAccess Grameen Ltd. listed its shares Aug. 23 on the Bombay Stock Exchange at 385 Indian rupees each, lower than its issue price of 422 rupees per share, The Economic Times reported the same day.

The company's 11.31 billion IPO ran from Aug. 8 to Aug. 10 and was more than 2x subscribed.

It issued up to 6.30 billion rupees of new shares, and up to 11,876,485 shares.

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

As of Aug. 23, US$1 was equivalent to 70.14 Indian rupees.