MAS Financial Services' IPO to open Oct 6; price band set at Rs 456-459

MAS Financial Services on Thursday said it has fixed a price band of Rs 456-459 per share for its initial share sale offering, through which it is estimated to raise Rs 460 crore.

The initial public offer (IPO) will be open to public subscription during October 6-8, MAS Financial Services said in a statement.

The company is a Gujarat-headquartered non-banking financial company (NBFC) with more than two decades of business operations and presence across six states and the NCT of Delhi.

The public issue 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.

Besides, the company has undertaken a private placement of 39,90,422 shares for cash consideration aggregating Rs 135 crore.

Net proceeds from the fresh issue will be utilised towards augmenting its capital base to meet future requirements.

Motilal Oswal Investment Advisors Pvt Ltd will manage the company's initial public offering. The shares are proposed to be listed on the National Stock Exchange and the BSE.

Earlier in May, the company had received markets regulator Sebi's go-ahead to float an IPO.