The initial share sale offer of MAS Financial Services was oversubscribed 127.50 times so far on the last day of bidding today. The initial public offer (IPO) to raise Rs 460 crore received bids for 90,84,39,264 shares against the total issue size of 71,24,910 shares, data available with NSE till 1630 hours showed. Till yesterday, the IPO was oversubscribed 4.81 times. MAS Financial Services last week raised about Rs 136 crore from anchor investors. It is a Gujarat-headquartered non-banking financial company (NBFC) with more than two decades of business operations. The IPO comprises fresh issue of shares worth up to Rs 233 crore and an offer for sale of up to Rs 227 crore by existing shareholders.
It has fixed a price band of Rs 456-459 per share for the IPO. Net proceeds from the fresh issue will be utilised towards augmenting its capital base to meet future requirements. Motilal Oswal Investment Advisors is managing the company's IPO. The shares are proposed to be listed on National Stock Exchange and BSE.
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