Shares of CreditAccess Grameen settled at Rs 420.80 on BSE, a discount of 0.28% over the initial public offer price of Rs 422.

The stock debuted at Rs 385, a discount of 8.77% to the initial public offer (IPO) price. The stock hit a high of Rs 423.30 and low of Rs 385. On BSE, 19.84 lakh shares were traded on the counter.

The IPO of CreditAccess Grameen received bids for 4.17 crore shares. The IPO was subscribed 2.22 times. The issue opened for subscription on 8 August 2018 and closed on 10 August 2018. The price band for the issue was fixed at Rs 418 to Rs 422 per share.

CreditAccess Grameen is a Bengaluru-based leading micro-finance institution, focused on providing micro-loans to women customers predominantly in rural areas in India.

The net proceeds will be utilized to augment the capital base of the company to meet future capital requirements which are expected to arise out of growth in company's assets, primarily company's loans and advances and other investments.

The company reported profit after tax of Rs 124.64 crore on total income of Rs 875.21 crore in the year ended 31 March 2018.