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India-based MAS Financial's IPO nearly 129x oversubscribed

India-based nonbanking financial company MAS Financial Services Ltd.'s IPO was 128.43x oversubscribed on the last day of the share sale Oct. 10, Bloomberg News reported the same day, citing stock exchange data.

The noninstitutional investor's portion of the IPO was subscribed 381.02x, while the qualified institutional buyer's portion was subscribed 149.30x. The retail segment was subscribed 14.41x and the employee portion was subscribed 2.42x, the report added.

The company raised 1.36 billion Indian rupees and 1.35 billion rupees from anchor investors and a private placement, respectively, ahead of the IPO launch, the report noted. MAS Financial is seeking to raise 4.6 billion rupees via the listing and had set the IPO price range at between 456 and 459 rupees per share.

Proceeds raised from the sale will be used as loans to customers, said the company's chairman Kamlesh Gandhi.

As of Oct. 10, US$1 was equivalent to 65.15 Indian rupees.