Mumbai: The initial public offering (IPO) of MAS Financial Services Ltd, a Gujarat-based non-banking financial company (NBFC), was subscribed 128.84 times on Tuesday, the final day of the offering, according to data from stock exchanges.
On the second day of the offering on Monday, MAS Financial IPO had witnesses a subscription of 4.81 times.
As of 6pm on Tuesday, the portions of shares reserved for institutional investors saw a subscription of 149.3 times. The portion of shares reserved for retail investors and non-institutional investors were subscribed 15.24 times and 381 times, respectively.
The successful closure of the MAS Financial IPO will see the NBFC raise Rs460 crore.
Established in 1995, MAS Financial Services is 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.
The MAS Financial IPO had a price band of Rs456-459 per share, at the upper end of which the initial share sale values the NBFC at approximately Rs2,275 crore.