MAS Financial Raises Rs 136 Crore From Anchor Investors
MAS Financial Services Ltd. on Friday raised Rs 136 crore from anchor investors ahead of its initial public offering which opens tomorrow.
The Ahmedabad based non-banking financial company allotted 29.6 lakh shares to 15 anchor investors, it said in a media statement. The lender, which provides loans primarily to poor and small businesses, offered shares at the upper end of the price band of Rs 459 a piece.
The anchor investors include leading international investors such as Nomura, JPMorgan, Wasatch and leading domestic investors such as HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Birla Sun Life Mutual Fund, DSP Blackrock Mutual Fund and Reliance Mutual Fund.
Ahead of the launch of an IPO, shares are allotted to anchor investors – usually large foreign and domestic funds – which demonstrates backing for the offer by institutional investors.
The IPO will be a mix of fresh issue and an offer for sale by existing promoters including the Netherlands-based development finance bank FMO and its German rival DEG. The proceeds from the issue of fresh shares will be disbursed as loans to customers, Kamlesh Gandhi, chairman and managing director at MAS Financial had told BloombergQuint earlier.
Motilal Oswal Investment Advisors Pvt Ltd. is managing the offer. The company also raised Rs 135 crore through a private placement ahead of the offer.
Also Read: MAS Financial Services IPO: Here's All You Need To Know
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