MAS Financial Services makes stellar debut
Tanay Loya / 18 Oct 2017
MAS Financial Services made a strong debut on the bourses, as the scrip got listed at Rs. 660 on BSE at a premium of 43.79 per cent to its issue price of Rs. 459.
MAS Financial Services made a strong debut on the bourses, as the scrip got listed at Rs. 660 on BSE at a premium of 43.79 per cent to its issue price of Rs. 459.
The Rs. 460-crore IPO opened for subscription on October 6 and was over-subscribed 128 times by the time it closed on October 10. The price band of the IPO was fixed at Rs. 456-459 per share. The IPO comprised of fresh issue of shares worth up to Rs. 233 crore and an offer for sale of up to Rs. 227 crore by existing shareholders.
The company plans to utilize the proceeds of this issue to augment the capital base in order to meet its future capital requirements. MAS Financial Services is a Gujarat-based Non-banking Financial Company (NBFC) and is in the business for more than two decades.
At 10:21 am (IST), the scrip was trading 41.81 per cent higher at Rs. 650.90 on the BSE. It opened at Rs. 660 and touched a high and low of Rs. 668.35 and Rs. 625.0, respectively. Meanwhile, the S&P BSE Sensex was down 126.74 points or 0.39 per cent at 32,482.
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