CreditAccess Grameen Limited, the Indian subsidiary of CreditAccess Asia, recently held its initial public offering (IPO) on India’s Bombay Stock Exchange and the National Stock Exchange of India. CreditAccess Grameen raised the equivalent of USD 164 million through the offering, which was subscribed at a rate of 2.22. CreditAccess Asia retains 80.3 percent of the shares in CreditAccess Grameen, which posted a market capitalization equivalent to USD 891 million.
Upon announcement of the IPO, CreditAccess Asia CEO Paolo Brichetti said, “Our target is to provide business loans to 6 million small, informal businesses by 2020 and service 15 million customers by 2028.”
Established in 2008, CreditAccess Asia provides group and individual loans ranging from the equivalent of USD 200 to USD 5,000 in India, Indonesia and the Philippines. It also is operating a pilot in Vietnam. The company reports a loan portfolio of EUR 745 million (USD 870 million) outstanding to 2.7 million customers.
Formerly known as Grameen Koota Financial Services, CreditAccess Grameen has operated in India for 10 years and serves approximately 1.5 million customers with a gross loan portfolio of USD 428 million as of August 2016. As of March 2018, CreditAccess Grameen operates its 516 branches across eight Indian states.
By Erik McDonald, Research Associate
Sources and Additional Resources
Direct contact with CreditAccess Asia
CreditAccess Grameen Limited
http://www.grameenkoota.org
CreditAccess Grameen Limited 2016-2017 Annual Report
http://www.grameenkoota.org/images/stories/gk%20annual%20report%202016-17.pdf
CreditAccess Asia
http://creditaccess.com/
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