MAS Financial shares jump nearly 44% in debut trade

New Delhi: Shares of non-banking financial company MAS Financial Services made a robust debut at the bourses on Wednesday, surging nearly 44 percent from the issue price of Rs 459.

The stock listed at Rs 660, registering a sharp gain of 43.79 percent over the issue price on BSE. The stock later touched a high of Rs 680.95, a premium of 48.35 percent.

At NSE, shares of the company debuted at Rs 660, up 43.79 percent against the issue price.

In terms of equity volume, 22.06 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the morning trade.

The Rs 460-crore initial public offer (IPO) was over- subscribed 128 times from October 6-10.

The company had fixed the price band at Rs 456-459 per share for the IPO.

MAS Financial is a Gujarat-headquartered NBFC 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.

Motilal Oswal Investment Advisors managed the company’s IPO.