The company had set a price band of Rs 456-459 per share. The public issue comprises the fresh issue of shares worth up to Rs 233 crore and an offer for sale of up to Rs 227 crore by existing shareholders.
Shares of MAS Financial Services gained nearly 43% in its debut trade on Wednesday, over the issue price of Rs 459. The stock listed at Rs 660, a 44% premium to its issue price of Rs 459 on BSE. Intra-day, it zoomed 48.35% to Rs 680.95. The scrip finally ended at Rs 654.75, up 42.64%. On the NSE, it jumped 42.57% to close at Rs 654.40. In terms of equity volume, 28.52 lakh shares of the company were traded on the BSE and over 1 crore shares changed hands on the NSE during the day. The company’s market valuation stood at Rs 3,579 crore. The initial public offering (IPO) of MAS Financial Services was subscribed 128.88 times, with investors bidding for 91.24 crore of the 71.24 lakh shares on offer. The Gujarat-based non-banking financial company (NBFC) raised around Rs 460 crore from its IPO. The company had set a price band of Rs 456-459 per share. The public issue comprises the fresh issue of shares worth up to Rs 233 crore and an offer for sale of up to Rs 227 crore by existing shareholders. In addition, the offer included a reservation aggregating up to Rs 7 crore for eligible employees.
The company had undertaken a private placement of 39.9 lakh shares for cash consideration aggregating Rs 135 crore. The company proposes to utilise the net proceeds to augmenting its capital base to meet future requirements. The company has more than two decades of business operations and presence across six states and the NCT 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. Since the beginning of 2017, 28 companies have together raised an amount of Rs 44,342 crore. Listing gains and returns by newly-listed companies as also the positive sentiment in the broader market are also among the reasons attributed to the trend. SBI Life, CICI Lombard, BSE, HUDCO, CDSL, Avenue Supermarts, Shankara Building Products, S Chand and Company, and Cochin Shipyard are some of the companies that completed their IPOs in the last nine months.