The IPO Mas Financial Services Ltd opens on 6th October and Closes on 10th October. The company is issuing shares in the price band of Rs 456 to Rs 459. The issue comprises of a fresh issue of 5.1 million shares aggregating to Rs 233 cr and OFS of 4.9 million shares aggregating to Rs 227 cr.
About the company
Mas Financial Services Ltd is a Gujarat-headquartered NBFC with a major focus on Microenterprises and SMEs. It also offers two wheeler loans, commercial vehicle loans, used car loans, tractor loans and housing loans. Micorenterprise and SME loans account for 60% and 23% of its AUM.
As of Q1FY18 Mas had an AUM Of 3,451.7 cr which has grown at a CAGR 33.4%. The company operates in six states which include Gujarat, Maharashtra, Madhya Pradesh, Rajasthan, Karnataka and Tamil Nadu. Out of 121 branches, MFSL has 78 branches in Gujarat, 25 in Maharashtra, 8 in Madhya Pradesh and balance is in other regions. As of June 30, 2017 MAS had more than 500,000 active loan accounts, across more than 3,165 customer locations.
Asset quality: the company has managed to keep the asset quality stable and as of June 17, the GNPA and NNPAs stood at 1.2%/1.0%.
Business details
| ME | SME | Two Wheeler | CV | Housing | |
|---|---|---|---|---|---|
| AUM (` Cr ) | 1,984.86 | 763.84 | 285.39 | 122.06 | 3,332.57 |
| % of AUM | 60 | 23 | 9 | 4 | 5 |
| Average Ticket Size | ₹ 36,000 | ₹ 55,00,000 | ₹ 43,000 | 1.5lacs | ₹ 14,00,000 |
| 4 Yr CAGR | 32 | 138 | 6 | 3 | 44 |
| Loan Tenure | 36 Months | - | 36 Months | 60 Months | 240 Months |
Return ratios
Cost to income
Share holding pattern
| No of shares pre issue | % | No of shares post issue | % | |
|---|---|---|---|---|
| Promoter | 39996975 | 80.7 | 39996975 | 73.2 |
| Investor/Public | 9572239 | 19.3 | 14648491 | 26.8 |
| Total | 49569214 | 100 | 54645466 | 100 |
Issue details
IPO size: Rs 460 crores at the upper price band
Face value: Rs 10
Retail portion: 35%
Lot size: 32 shares and in multiples thereafter
Maximum subscription amount: Rs.2,00,000
Listing on: both NSE and BSE
IPO schedule
Basis of allotment Oct 13
Unblocking of funds Oct 16
Credit to demat accounts Oct 17
Listing on stock exchanges Oct 18
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