MAS Financial IPO Subscribed Nearly 130 Times On Final Day Of Bidding
The non-institutional investor’s segment of the IPO was subscribed the most.
Final Day Subscription (As of 4.40 pm)
- Overall: 128.43 times
- Retail Investors: 14.41 times
- Qualified Institutional Buyers: 149.30 times
- Non-institutional investors: 381.02 times
- Employee: 2.42 times
Non-banking financial company MAS Financial Services Ltd.’s Rs 460-crore initial public offering was subscribed 128.43 times on the closing day of the issue on Tuesday.
The non-institutional investor’s portion witnessed the highest demand, as it was subscribed more than 380 times the number of shares on offer, according to stock exchange data as of 4.40 pm. The quota for qualified institutional bidders was subscribed 149 times while the retail segment was subscribed 14.41 times. However, the employee portion saw muted demand at 2.42 times the number of shares allocated for the segment.
The public issue was fully subscribed on the first day of bidding.
Ahead of the launch of the initial public offering, the lender to the poor and small businesses raised Rs 136 crore from anchor investors.
The IPO is a mix of fresh issue and an offer for sale by existing promoters including the Netherlands-based development finance bank FMO and its German rival DEG. The proceeds from the issue of fresh shares will be disbursed as loans to customers, Kamlesh Gandhi, chairman and managing director at MAS Financial had told BloombergQuint earlier.
Motilal Oswal Investment Advisors Pvt Ltd. is managing the offer. The company also raised Rs 135 crore through a private placement ahead of the offer.