August 10, 2018 / 1:32 PM / in 8 months

India's CreditAccess Grameen $164 mln IPO subscribed over 2 times

Aug 10 (Reuters) - Indian micro lender CreditAccess Grameen Ltd’s initial public offering (IPO) to raise 11.31 billion rupees ($164.08 million) was subscribed more than 2 times on the final day of sale on Friday.

Investors bid for 41.7 million shares, 2.2 times the 18.8 million shares on offer, according to stock exchange data as of 1313 GMT.

The IPO included new shares of 6.3 billion rupees, while promoter CreditAccess Asia N.V was also paring its stake.

CreditAccess Grameen, which provides financial services to the rural poor and low-income households, particularly women, had set a price range of 418 rupees to 422 rupees a share for the IPO.

Anchor investors have already agreed to buy 3.39 billion rupees worth of shares as part of the IPO.

ICICI Securities, Credit Suisse Securities, IIFL Holdings and Kotak Mahindra Capital Company are the book running lead managers for the issue. ($1 = 68.9300 Indian rupees) (Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)

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