MAS Financial IPO subscribed 128 times on heavy institutional, HNI interest

The Rs 460-crore initial public offering (IPO) of MAS Financial Services was subscribed 128 times on the final day. While the Institutional portion of the offering was subscribed 148 times, the non-institutional category comprising of high net-worth individuals (HNIs) saw 377 times subscription.

Retail investor portion was relatively less subscribed at 15.5 times.

The IPO consisted of fresh issue of Rs 233 crore and an offer for sale(OFS) of Rs 227 crore. The price band for the issue has been fixed at Rs 456 to Rs 459.

MAS provides corporate finance to NBFCs and other micro-finance lenders engaged in retail finance and small ticket loans. The company has a strong presence in Gujarat, Rajasthan and Maharashtra. MAS is backed by private equity investors like Sarva Capital and DEG.

Motilal Oswal Investment banking is the sole book running manager for the issue.