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Oct 10, 2017 06:08 PM IST | Source:

MAS Financial Services IPO oversubscribed 128 times; QIBs, HNIs take lead

MAS Financial Services' initial share sale offer has received strong response from investors.

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MAS Financial Services' initial share sale offer has received strong response from investors as it has been oversubscribed 127.88 times on the final day of subscription Tuesday.

The Rs 460-crore IPO has received bids for 91.11 crore equity shares against the total issue size of 71.24 lakh shares, as per data available on the exchange.

The reserved portion of qualified institutional buyers (QIBs) has been oversubscribed 148.33 times while the category reserved for non-institutional investors saw subscription of 378.53 times and retail investors 15.13 times.

The Gujarat-headquartered non-banking financial company (NBFC) last week raised about Rs 136 crore from anchor investors.

The initial public offer, which opened on October 6, comprised of fresh issue of shares worth up to Rs 233 crore and an offer for sale of up to Rs 227 crore by existing shareholders.

MAS Financial has fixed a price band of Rs 456-459 per share for its IPO. The net proceeds from its fresh issue will be utilised towards augmenting the capital base to meet future requirements.

Motilal Oswal Investment Advisors is the sole book running lead manager to the issue. Equity shares are proposed to be listed on the National Stock Exchange and the BSE.
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