The initial IPO of MAS Financial Services was oversubscribed 8.87 times.
The company has received bids for 59,124,160 shares as against total issue size of 71,24,910 shares, as per NSE data.
The category reserved for qualified institutional buyers (QIBs) was oversubscribed 5.74 times, non institutional investors 47% and retail investors 6.29 times.
It has fixed a price band of Rs 456-459 per share for its initial share sale offering.
The Company proposes to utilize the net proceeds of the Fresh Issue towards augmenting its capital base to meet future capital requirements.
MAS Financial Services Limited (“MAS”) is a Gujarat-headquartered NBFC with more than two decades of business operations and as of June 30, 2017. MAS operate across six States and the NCT of Delhi. Their business and financing products are primarily focused on middle and low income customer segments, and include five principal categories: (i) micro-enterprise loans; (ii) SME loans; (iii) two-wheeler loans; (iv) Commercial Vehicle loans (which include new and used commercial vehicle loans, used car loans and tractor loans); and (v) housing loans. The Promoters of MAS have significant operational experience in the financial services sector in India.
Motilal Oswal Investment Advisors Limited is the Book Running Lead Manager to the Offer.