New Delhi: MAS Financial Services Ltd’s initial public offering (IPO) was subscribed 4.75 times on Monday, the second day of the shares sale.
As of 5pm, the IPO received bids for 33,865,536 shares against the total issue size of 7,124,910 shares, according to data available with NSE. The Rs460 crore IPO will close on 10 October.
The IPO was fully subscribed on the first day. As of 5pm on Friday, the portions of shares reserved for institutional investors saw a subscription of 1.8 times. The portion of shares reserved for retail investors and non-institutional investors were subscribed 1.02 times and 0.23 times, respectively.
Established in 1995, MAS Financial is a Gujarat-based non-banking finance company (NBFC), primarily focused on middle and low-income customer segments. The company offers business and financing products such as micro-enterprise loans, small and medium enterprise loans, two-wheeler loans, commercial vehicle loans and housing loans.
MAS Financial has priced its shares in a band of Rs456-459 apiece. At the upper end of the price band, the initial share sale values the NBFC at approximately Rs2,275 crore.