Mas Financial Services Files Papers For Rs 550 Crore IPO 

Mas Financial Services Ltd. filed draft papers with capital markets regulator Securities And Exchange Board Of India, to raise an estimated Rs 550 crore through an initial public offering (IPO).

The company is a Gujarat-headquartered non-banking financial company (NBFC) with more than two decades of business operations and having presence across six states and the national capital territory of Delhi.

The initial public offer comprises fresh issue of shares worth up to Rs 307.4 crore and an offer for sale of up to Rs 242.6 crore by existing shareholders, the company said in a statement.

Besides, the company is considering pre-IPO placement of up to 41 lakh equity shares for cash consideration of up to Rs 135 crore. If the pre-IPO placement is completed, the size of the fresh issue will be reduced, it added.

Net proceeds from the fresh issue will be utilised towards augmenting its capital base to meet future requirements. The equity shares will have a face value of Rs 10 and the final price band will be decided in consultation with the book running lead manager.

Motilal Oswal Investment Advisors Pvt Ltd. will manage the company's share sale.