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ASA International off to good start on first day of dealings

The directors of the company have each agreed not to sell any of their shares before July 13 of next year

Initial public offering
In the first half hour of trading, around 60,000 ASA shares changed hands

Microfinance holding company ASA International Group PLC (LON:ASAI) set an initial public offering price of 313p a share, valuing the company at around £313mln.

On their first day of trading on the London Stock Exchange, the shares were up 7p at 320p.

READ: Microfinance fund ASA International to float on London Stock Exchange in July

The company lends to low-income, financially underserved predominantly female micro-entrepreneurs, as well as small business owners throughout Asia and Africa. The firm said it has 365mln potential clients in 12 high growth and diverse markets.

"We look ahead with confidence as we seek to deliver value for our shareholders and continue to expand our mission to enhance financial inclusion among predominantly female micro-entrepreneurs across Asia and Africa,” said Dirk Brouwer, the co-founder and chief executive officer of ASA International.

Shafiqual Haque Choudhury, co-founder and non-executive chairman, said the company had been delighted with the response from institutional investors during the run-up to the company’s flotation.

“We look forward to continuing to roll out this model in Asia and Africa, as we seek to serve the market of 365 million low-income women where we currently operate, as well as expanding into other regions over time," Choudhury said.

Quick facts: ASA International

Price: 260 GBX

LSE:ASAI
Market: LSE
Market Cap: £260 m
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