MFSL makes stellar debut, opens 14 pc higher on BSE

MUMBAI: Microsec Financial Services Ltd (MFSL) made a smart debut on the BSE on Tuesday, with shares of the non-banking finance company gaining more than 14 per cent over their issue price to Rs 135.10 apiece in opening trade.

MFSL shares were up by 14.49 per cent over the issue price of Rs 118 when the Bombay Stock Exchange opened for trade today.

In a similar fashion, the shares debuted at Rs 130 on the National Stock Exchange, up 10.16 per cent over the issue price. On the volume front, about 1.63 crore shares of the company changed hands on the bourses in the opening session.

Meanwhile, the 30-share BSE benchmark Sensex fell into the negative zone in early trade today, sliding by 43.42 points from yesterday's close to 20,432.31.

The company had priced its IPO at the top end of the Rs 113-118 per share price band.

MFSL raised Rs 147.5 crore through its initial public offer (IPO), which was oversubscribed twelve times.

The company intends to utilise the proceeds from the issue to expand its financing business by enhancing its network of branches.

At present, MFSL has a network of 239 branches in 16 states.