You are here: Home » Markets » News
Business Standard

MAS Financial IPO subscribed 4.27 times on Day Two

MAS Financial Services is raising Rs 460.04 crore through IPO

Capital Market 

IPO listing

Receives bids for 3.04 crore shares

Services' initial public offer (IPO) received bids for 3.04 core compared with 71.24 lakh on offer on the second day of the bidding for the today, 9 October 2017, data on showed as at 16:30 IST. The was subscribed 4.27 times. The price band for the has been fixed at Rs 456-459 per share. The issue opened on 6 October and closes on 10 October 2017.

Services' committee of the company at a meeting held on 5 October 2017, finalized allocation of 29.61 lakh to 15 anchor investors at the upper end of the price band at Rs 459 per share, aggregating to Rs 135.91 crore.

Services is raising Rs 460.04 crore through IPO, which comprises of a fresh issue of by the company aggregating up to Rs 233 crore and an offer for sale (OFS) of aggregating up to Rs 227.04 crore by the selling shareholders.

The offer for sale comprises of an offer aggregating up to Rs 112.66 crore by DEG (Deutsche Investitions-und Entwicklungsgesellschaft MBH), Rs 79.34 crore by FMO (Nederlandse Financierings - Maatschappij voor Ontwikkelingslanden N.V.) and Rs 35.04 crore by LLC. The offer includes a reservation aggregating up to Rs 7 crore for eligible employees.

Net proceeds from the fresh issue will go to augmenting the capital base to meet future capital requirements. Further, there will be the benefits of listing of the equity on the stock exchanges, enhancement of the brand name and creation of a public market for equity in Indi a .

On consolidated basis, Services reported net profit of Rs 23.70 crore on income from operations of Rs 104.02 crore in Q1 June 2017.

Services is a Gujarat-headquartered non-banking finance company (NBFC) providing loans to middle- and low-income borrowers as well as micro, small and medium enterprises.

First Published: Mon, October 09 2017. 18:09 IST