MAS Financial Services IPO over-subscribed 128.22 times

The initial share sale offer of non-banking financial company (NBFC) MAS Financial Services was over-subscribed 128.22 times on the last day of bidding today.
The initial public offer (IPO) to raise Rs 460 crore received bids for 91,35,55,264 shares against the total issue size of 71,24,910 shares, as per NSE data till 1930 hrs.
Qualified Institutional Buyers (QIBs) portion was over-subscribed 149.31 times, non-institutional investors 381 times and retail investors 15.63 times, merchant banking sources said.
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 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.