The shares of the non-banking financial services company MAS Financial Services marked a strong debut on the stock exchanges on Wednesday. The stock of MAS Financial Services listed at a premium of 43.79% at Rs 660 from its issue price of Rs 459, an absolute listing gain of Rs 201. Around the early afternoon trade, shares of MAS Financial Services were trading up 45% at 663.95 on BSE. The stock made a day’s high of Rs 680.95. In terms of volume, over 1.75 crore shares exchanged hands till 1:20 pm on both BSE and NSE. The company completed its public offer last week which was subscribed 128 times on the final day in a three bidding process from 6 October – 10 October. MAS Financial Services is a Gujarat-based NBFC (non-banking financial services company) raised Rs 460 crore from the issue of equity shares.
MAS Financial Sevices IPO comprised a fresh issue of shares worth up to Rs 233 crore and an offer for sale of up to Rs 227 crore by existing shareholders. The selling shareholders will be entitled to the proceeds of the offer for sale of their respective portions of the offered shares. The company will not receive any proceeds from the Offer for Sale. The company has proposed to utilise the net proceeds from the fresh issue towards augmenting its capital base to meet future capital requirements. MAS Financial Services raised about Rs 136 crore from anchor investors ahead of its initial share sale offering. Track live stock quote for MAS Financial Services here.
“Accordingly, we confirm that there is no requirement for us to make firm arrangements of finance through verifiable means towards at least 75% of the stated means of finance, excluding the amount to be raised from the fresh issue,” company said in DRHP. The net proceeds are currently expected to be deployed in financial years 2018 and 2019.
MAS Financial Services is a Gujarat-headquartered NBFC with more than two decades of business operations and presence across six states and the NCT (national capital territory) of Delhi. MAS Financial Services’ business and financing products are primarily focused on middle and low-income customer segments, which includes micro-enterprise loans, SME loans; two-wheeler loans; Commercial Vehicle loans and housing loans.