The company had fixed the price band at Rs 456-459 per share for the IPO.
MAS Financial is a Gujarat-headquartered NBFC with more than two decades of business operations.
Net proceeds from the fresh issue will be utilised towards augmenting its capital base to meet future requirements.
Motilal Oswal Investment Advisors managed the company's IPO.
The shares are proposed to be listed on National Stock Exchange and BSE.