MAS Financial Services share price started off trade with a whopping premium of 44 percent on the National Stock Exchange Wednesday.
The stock has opened at Rs 660 against its issue price of Rs 459.
At 10:05 hours IST, the stock was trading at Rs 635.40, up 38.4 percent over issue price after hitting a day's high of Rs 670 and low of Rs 625.
The non-banking finance company's Rs 460-crore initial share sale offer had received overwhelming response from investors as it was oversubscribed 128.39 times.
The public issue was opened for subscription during October 6-10 with a price band of Rs 456-459 per share.
The IPO of Gujarat-headquartered non-banking financial company (NBFC) 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.
The net proceeds from its fresh issue would be utilised towards augmenting the capital base to meet future requirements.MAS Financial's assets under management (AUM) in micro-enterprise, SME, two-wheeler, Commercial Vehicle and housing loan segments increased at a CAGR of 32.14 percent, 137.64 percent, 5.86 percent, 2.62 percent and 44.09 percent during FY13 to FY17.