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MAS Financial Services IPO over-subscribed 128.22 times

Press Trust of India  |  New Delhi 

The initial share sale offer of non-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 against the total issue size of 71,24,910 shares, as per 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 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 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 are proposed to be listed on National Stock Exchange and BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 20:28 IST