Oct 06 , 2017 - Oct 10, 2017
Rs.456 – Rs.459 per Equity Share
It is a Gujarat-headquartered NBFC with more than two decades of business operations and as of September 30, 2016, it has operated across six States and the NCT of Delhi. Our business and financing products are primarily focused on middle and low income customer segments, and include five principal categories:(i) micro-enterprise loans; (ii) SME loans; (iii) two-wheeler loans; (iv) Commercial Vehicle loans (which include new and used commercial vehicle loans, used car loans and tractor loans); and (v) housing loans.
It provides two categories of micro-enterprise loans: (i) loans up to Rs.75,000, typically to self-employed individuals engaged in trading or manufacturing business; and (ii) loans ranging between Rs. 75,000 and Rs.300,000, typically to sole proprietors and partnership firms.
|Issuer||MAS Financial Services Limited. (View Report)|
|Issue Type||100% Book Built Issue IPO|
|Issue Period||Issue Opens: Oct 06, 2017|
|Issue Closes: Oct 10, 2017|
|Price Brand||Rs.456/- to Rs.459/- per Equity Share|
|Issue Size(Rs.)||Rs. 4,600.42 million Fresh Issue: Rs. 2,330 million Offer for Sale: Rs. 2,270.42 million|
|Face Value||Rs.10 per Equity Share|
|Minimum Order Quantity Retail:||32 Shares and in multiples thereof|
|QIB*||50% of the issue size (49,35,099 Equity Shares)^|
|NIB||15% of the issue size(14,80,530 Equity Shares)^|
|Retail Individual Bidders||35% of the issue size (34,54,569 Equity Shares)^|
|Registrar||Link Intime India Pvt Limited|
|Listing||NSE & BSE|
|Book Running Lead Managers||Motilal Oswal Investment Advisors Pvt Ltd|
At standalone entity level, MAS Financial Services Limited has been consistently recording CAGR growth of 25% in revenue and the net profit growth has also been impressive at 26% CAGR growth during FY13-FY17. During the same period, MAS has consistently witnessed PAT margin of more than 19%. The IPO will infuse more capital compared to the existing capital and this will further add financial muscle which is expected to aid in healthy loan book growth going ahead. With GNPA & NNPA levels within limits of 1.17 & 0.99 respectively as on 30, Sep 2017, superior asset quality is major positive for the company. With the management’s decision to venture into high growth agri-input segment, MAS is expected to enjoy higher profitability margins. Considering the greater market penetration, better operating efficiency, niche focus, customized product offerings, strong financials, robust return ratios and a well cushioned capital adequacy ratio of 23.8 with a Tier-1 capital of 18.5 as on 30, Sep 2017, MAS valuation looks reasonable and we rate 3 out of 5 rating for the IPO.
Public issue of 1,00,22,702 equity sharesof Rs. 10/-each (“equity shares”) of MAS Financial Services Ltd (Company or Issuer).