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MAS Financial Services IPO fully subscribed on first day

MAS Financial Services is raising Rs 460.04 crore through IPO

Capital Market 

MAS Financial Services IPO fully subscribed on first day

MAS Financial Services' initial public offer (IPO) received bids for 74.72 lakh compared with 71.24 lakh on offer on the first day of the bidding for the on Friday, 6 October 2017, data on showed as at 17:00 IST. The was subscribed 1.05 times. The for the has been fixed at Rs 456-459 per share. The issue opened today, 6 October and closes on 10 October 2017.

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

is raising Rs 460.04 crore through IPO, which comprises of a fresh issue of shares by the company aggregating up to Rs 233 crore and an offer for sale (OFS) of shares 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 Sarva Capital LLC. The offer includes a reservation aggregating up to Rs 7.0 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 shares on the stock exchanges, enhancement of the brand name and creation of a public market for equity shares in India.

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

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: Fri, October 06 2017. 18:27 IST