MAS Financial Services IPO gets fully subscribed on first day
DSIJ Intelligence / 07 Oct 2017
MAS Financial Services Limited IPO received full subscription on its very first day of subscription on Friday.
MAS Financial Services Limited IPO received full subscription on its very first day of subscription on Friday. Quota reserved for qualified institutional buyers (QIB) and retail investors also got fully subscribed on Friday whereas employees and non-institutional investors segment got subscribed 0.71 times and 0.22 times on Friday.
The company had opened its IPO for subscription on October 6, 2017 and will close it on October 10, 2017. The price band of the IPO is Rs 456 to Rs 459 per equity share of face value of Rs 10 each of the company. The minimum bid lot is 32 equity shares and in multiples of 32 equity shares thereafter.
The IPO consists of a fresh issue summing up to Rs 233 crore (the fresh issue) and an offer for sale summing up to Rs 227.042 crore by the selling shareholders. The company has, in consultation with the BRLM, undertaken a pre-IPO private placement of 3,990,422 equity shares for cash consideration worth up to Rs 135 crore.
The company is likely to utilise the proceeds from the fresh issue to increase its capital base in order to meet future capital requirements.
Motilal Oswal Investment Advisors Limited is the Book Running Lead Manager (BRLM) to the IPO offer. The registrar to the offer is Link Intime India Private Limited.
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