MAS Financial Services lists at Rs 660, 44% premium against issue price

MAS Financial Services hit a high of Rs 668 on the BSE so far

MAS Financial Services made a strong debut by listing at Rs 660, a 44% premium against its issue price of Rs 459 per share on the National Stock Exchange (NSE) and the BSE.

At 10:01 AM; the stock was trading at Rs 656 after hitting a high of Rs 668 on the BSE so far. A combined 2.3 million shares changed hands on the counter on the BSE and NSE.

The Rs 460-crore initial public offer (IPO) of the company was subscribed 128 times from 6-10 October. The company had fixed the price band at Rs 456-459 per share for the IPO.

The institutional portion of the issue was subscribed 148 times, while the non-institutional category comprising high net-worth individuals (HNIs) was subscribed 378 times. The retail investor portion was subscribed 16 times.

MAS Financial is headquartered in Gujarat with more than two decades of business operations. Net proceeds from the fresh issue will be utilised towards augmenting its capital base to meet future requirements.

MAS Financial primarily lends to Micro Enterprises (ME) and SME, which contribute 60% and 23% of its assets under management (AUM) respectively. Company’s business and financing is in five categories i.e. micro-enterprise loan, SME loans, two wheeler loans, commercial vehicle loans and housing loans. Company’s AUM has grown at healthy 33.4% CAGR over FY2013-17 with strong asset quality (GNPA -1.1%, NNPA -0.9%).