MAS Financial IPO overall subscribed 128 times

The Rs 460-crore initial public offer ( IPO) of MAS Financial was subscribed 128.22 times on the final day of the bidding process on Tuesday.

The issue received bids for 91,35,70,944 shares against the total issue size of 71,24,910 shares, as per data with the exchanges till 7.15 pm.

The category reserved for qualified institutional buyers (QIBs) was subscribed 148.331 times, non institutional investors 378.53 times and retail investors 15.6186 times.

The Rs 460-crore IPO of the Gujarat-headquarter company received bids for a total Rs 58,981 crore.

The initial share sale offer of MAS Financial Services was oversubscribed 4.81 times on the second day of the subscription on Tuesday.

MAS Financial Services last week raised about Rs 136 crore from anchor investors.

MAS Financial is a Gujarat-headquartered non-banking financial company ( NBFC) with more than two decades of business operations and presence across six states and the NCT of Delhi.

The initial public offer (IPO) subscription will close on Tuesday.

The issue comprises fresh issue of shares worth up to Rs 233 crore and an offer for sale of up to Rs 227 crore by existing shareholders. It has fixed a price band of Rs 456-459 per share for its initial share sale offering.

Net proceeds from the fresh issue will be utilised towards augmenting its capital base to meet future requirements.

Motilal Oswal Investment Advisors Pvt Ltd is managing the company's IPO. The shares are proposed to be listed on the National Stock Exchange and the BSE.

Last month, the initial public offering (IPO) of construction firm Capacit'e Infraprojects had witnessed bumper demand and was subscribed by a whopping 186.45 times.