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MAS Financial IPO Details

Issue Open Oct 6, 2017
Issue Close Oct 10, 2017
IPO Price ₹459
Face Value ₹10
IPO Size ₹460.04 Cr
Listing At BSE, NSE
IPO Lot Size 32

This is a public announcement for iiformation purposes only and is not a prospectus announcement. This does not constitute an invitation or offer to acquire, purchase or subscribe for securities.Not for iease, publication or distribution directly or indirectly outside India.

MAS FINANCIAL SERVICES LIMITED

Our Company was incorporated as 'MAS Financial Services Limited',, a public limited company under the Companies Ad, 1956, with a certificate of incorporation issued by the Assistant Registrar of Companies, Gujarat (Dadra & Nagar Haveli) on May 25,1995 at Ahmadabad. Our Company received a certificate for commencement of business on May 29,1995 from the Assistant Registrar of Companies, Gujarat (Dadra & Nagar Haveli).

Registered and Corporate Office; 6 Narayan Chambers Ground Floor. Behind Patang Hotel, Ashram Road, Ahmedabad 380 009, Gujarat, India; Telephone; +91 79 3001 6500; Facsimile; +91 79 3001 6597; Contact Person: Nirav Prakashchandra Patel, Company Secretary and Compliance  Officer;Telephone: + 91 793001 6638, Facsimile: +91 793001 6561. E-mail: secretarial@mas.co.in Website:www.mas.co.in; www.mas.co.in; Corporate Identity Number: U65910GJ1995PLC026064

PROMOTERS OF OUR COMPANY: KAMLESH CHIMANLAL GANDHI MUKESH CHIMANLAL GANDHI, SHWETA KAMLESH GANDHI AND PRARTHNA MARKETING PRIVATE LIMITED

BASIS OF ALLOTMENT

The Equity Shares are proposed to be listed on the BSE Limited ('BSE') and the National Stock Exchange of India Limited ('NSE') and the trading will commence on October 18,2017.

INITIAL PUBLIC OFFERING OF 10,039,277 EQUITY SHARES OF FACE VALUE OF RS 10 EACH ('EQUITY SHARES') OF MAS FINANCIAL SERVICES LIMITED (OUR 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS 459 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS 449' PER EQUITY SHARE (THE 'OFFER PRICE'), AGGREGATING TO RS 4,600,42 MILLION (THE 'OFFER') COMPRISING OF A FRESH ISSUE OF 5,092,829 EQUITY SHARES BY OUR COMPANY AGGREGATING TO RS 2.330 MILLION (THE 'FRESH ISSUE') AND AN OFFER FOR SALE OF 2,454.532 EQUITY SHARES AGGREGATING TO RS 2,270.42 MILLION BY THE SELLING SHAREHOLDERS, COMPRISING AN OFFER FOR SALE OF 2,454,532 EQUITY SHARES AGGREGATING TO RS 1,126.63 MILLION BY DEG - DEUTSCHE INVESTITIONS - UND ENTWICKLUNGSGESELLSCHAFT MBH ('DEG'), AN OFFER FOR SALE OF 1,728,496 EQUITY SHARES AGGREGATING TO RS 793.38 MILLION BY NEDERLANDSE FINANCIERINGS - MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N. V. ('FMO') AND AN OFFER FOR SALE OF 763,420 EQUITY SHARES AGGREGATING TO RS 350.41 MILLION BY SARVA CAPITAL LLC ('SARVA CAPITAL1', AND TOGETHER WITH DEG AND FMO, THE 'SELLING SHAREHOLDERS') ('OFFER FOR SALE'), THE OFFER INCLUDES A RESERVATION OF 169.082 EQUITY SHARES AGGREGATING TO RS 70 MILLION FOR ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION'), THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS REFERRED TO AS THE 'NET OFFER'. THE OFFER AND THE NET OFFER SHALL CONSTITUTE 18.37 % AND 18.06 % OF THE POST-OFFER PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY, RESPECTIVELY.

Our Company has, in consultation with the BRLM, undertaken a private placement of 3,990,422 Equity Shares for cash consideration aggregating to Rs 1,350.00 million ('Pre-IPO Placement'), The size of the Fresh Issue, as disclosed in the Draft Red Herring Prospectus, has been reduced accordingly. See 'Capital Structure' on page 76 of the Prospectus for details of the Pre-lPO Placement.
* A discount of Rs 45 was offered by our Company and the Selling Shareholders, in consultation with the BRLM to Eligible Employees Bidding in the Employee Reservation Portion.

THE OFFER PRICE : RS 459 PER EQUITY SHARE OF FACE VALUE OF RS 10 EACH
THE OFFER PRICE IS 45.9 TIMES OF THE FACE VALUE OF THE EQUITY SHARES

Risks to Investors:

i. The BRLM associated with the Offer has handled 10 public issues in the past three years out of which 3 issues closed below the issue price on listing date.

ii. Average cost of acquisition of Equity Shares for Promoters namely Kamlesh Chimanlal Gandhi, Mukesh Chimanlal Gandhi , Shweta Kamlesh Gandhi, Prarthna Marketing Private Limited is Rs 106, Rs 1.38, Rs 1.09, Rs 2.38 respectively and for the Selling Share holders namely DEG, FMO and Sarva Capital is Rs 263.04, Rs 124.93 and Rs 322.71 and Offer Price at upper end of the Price Band is Rs 459.

iii. Price Earning (P/E) Ratio based on the Diluted EPS for the year ended March 31.2017 on a standalone basis is 30.24 x at the lower end of the Price Band and 30.44x at the higher end of the Price Band.

iv.Our Company has allotted an aggregate 3,990,422 Equity Shares, through the Pre-lPO Placement to (i) Motilal Oswal Financial Services Limited ('MOFSL') and Motilal Oswal Securities Limited ('MOSL') at a price of Rs 338.31 per Equity Share. However, the price at the lower end of the price band is Rs 456.

BID/OFFER PROGRAMME:
BID/OFFER OPENED ON FRIDAY, OCTOBER 06.2017
BID/OFFER CLOSED ON TUESDAY, OCTOBER 10, 2017

Tie Offer has been made in terms of Rule 19(2)(b)(iii) of the SCRR, thraugh the Book Buiding Process in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulation 2009. as amended (the'SEBIICDR Regulations'), wherein not more than 50% of the Net Offer was made available for allocation on a proportionate basis to Qualified Institutional Buyers ('(QIBs'). Our Company and the Selling Shareholders in consultation with the BRLM allocated 60% of the QIB Portion to Anchor Investors at the Anchor Investor Allocation Price, on a discretionary basis, out of which at least one-third was reserved for domestic Mutual Funds. subject to valid Bids being receives from domestic Mutual Funds at or above the Anchor Investor Allocate Price- In the event of undersubscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Such number of Equity Shares representing 5% of the Net QIB Portion (other than Anchor Investor Portion) were available for allocation on a preportionate basis to Mutual Fund only. The remainder'of the Net QIB Portion was available for allocation on a proportionate basis to QIBs (other than Anchor investors), including Mutual Funds., subject to valid Bids being received from them at or above the Offer Price. Further not leas than 15% of the Net Offer was available for allocation on a proportionate basis to Non Institutional Bidders and. not less than 35% of the Net Offer was available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price such that, subject to availability of Equity Shares, each Retail Individual Bidder shall be Allotted not less than the minimum Bid Lot. and the remaining Equity Snares. if available, shall be allotted to s Retail Individual Bidders on a proportionate basis. Further, 169,082 Equity Shares aggregating up to Rs 70 milion were offered for allocation and Allotment on a proportionate basis to the Eligible Employees Bidding in the Employee Reservation Portion, conditional upon valid Bids being received from them at or above the Offer Price. All Bidders, other than Anchor Investors, participated in the Offer mandatorily through the Applications Supported by Blocked Amount ('ASBA') process by providing thedetais of their respective bank accounts in which the corresponding Bid Amount were blocked by the SCSBs Anchor Investors were not permitted to participate in the Offer through the ASBA process For details, see 'Offer Procedure' on page 431 of the Prospectus.
The Issue was subscribed to the extent of 129.24 times, (excluding Anchor Investor Portion and after removing multiple and duplicate bids) as per the bid books of NSE and BSE (the 'Bid Files'). After removing multiple and duplicate bids and technical rejections cases from the' Bid Book', the issue was subscribed 128 59 times.

Sr.
No.
Category No. of Applications No of Equity Shares Shares
Received
No. of times Subscribed Amount (Rs)
A Retail Individual Bidders 1,444.196 53.266,880 3,454,569 15.4193 24,464,016,546.00
B Non Institutional Bidders 1,359 563,817,120 1.480,530 380.8211 258.792,048,579.00
C Qualifies Institutional Bidders (Excluding Anchors) 134 294,712,032 1.974.039 149.2939 135,272,822.688.00
D Anchor Investors 21 3486240 2,961,057 1.1774 1,600,184,160.00
E Eligible Employees 2.286 401,760 169.082 23761 166,984,512.00
Total 1,447,996 915,684,032 10,039,277 91.2102 420,296,056,485.00

Final Demand

A summary of the final demand as per the BSE and the NSE as on the Bid/offer Closing Date at different Bid prices is as under:

SLNO BID PRICE (Rs) BIDS QUANTITY (%) TO TOTAL Cumulative Total % Cumulative Total
1 456 145,824 0,02 145,824 0.02
2 457 98,368 0.01 244,192 0.03
3 458 106,752 0.01 350,944 0.04
4 459 867,178,016 94.76 867,528,960 94.80
CUT OFF 47,611,006 5.20 915.139.968 100.00
TOTAL 915,139.968 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on October 14,2017.

A. Allotment to Retail Individual Investors (After Technical Rejections) (including ASBA Applications): The Base of Allotment to the Retail Individual Investor, who have Bid at Cut-off Price or at the Offer Price of Rs 459 per Eojuily Share was finalized in consultation with NSE. The category has been subscribed to the extent of 15.1321 times The total number of Equity Shares Allotted in this category is 3.454,569 Equity Shares to 107,955 successful applicants.The category-wise details of the Basis of Allotment are as under:

Category No. of
Applications
Received
% of
Total
Total No of
Equity Shares
applied
% to
Total
No. of Equity
Shares Allotted
per Applicant
Ratio Total No. of
Equity Shares.
Allotted
32 1.355,755 95.56 43.384,160 82.99 32 7:92 3.301.184
64 29,532 2.08 1.890.048 3.62 32 7:92 71,904
96 10.448 0.74 1,003,008 1.92 32 7:92 25,440
128 4,712 0.33 603,136 1,15 32 7:92 11,488
160 3,648 0.26 583,680 1.12 32 7:92 8,896
192 2,372 0.17 455 424 0.87 32 7:92 5,760
224 2.009 0.14 450,016 0.86 32 7:92 4.896
256 829 0.06 212,224 0.41 32 7:92 2,016
288 390 0.03 112,320 0.21 32 7:92 960
320 1,551 0.11 496 320 0.95 32 7:92 3,776
352 303 0.02 106,656 0.20 32 7:92 736
384 473 0.03 181.632 0.35 32 7:92 1,152
416 6,722 0.47 2,796,352 5.36 32 7:92 16,362
1 additional share is allotted from Serial no 2 to 13 in the ratio of  9:4793 1 9:4793 9
TOTAL 1.418,744 100.00 52,274,976 100.00 3,454,569

B. Allotment to Non Institutional Investors (After Technical Rejections) (Including ASBA Applications): The Basis of Allotment to the Non-Institutional Investors, who have Bid at the offer Price of Rs 459 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 350.1994 times. The total number of Equity Shares Allotted in this category is 1.480,530 Equity Shares to 31 successful applicants.
The category-wise details of the Basis of Allotment are as under; (Sample)

Category No. of
Applications
Received
% of
Total
Total No. of
Equity Shares
applied
% to
Total
No. of Equity
Shares Allotted
per Applicant
Ratio Total No. of
Equity Shares
Allotted
448 280 21.13 125,440 0.02 32 1:28 320
480 74 5,58 35,520 0.01 32 3:74 96
512 11 0.83 5,632 0.00 32 1:11 32
1.024 10 075 10.240 0.00 32 1:10 32
1,504 3 0,23 4,512 0.00 32 1:3 32
2,016 5 0.38 10,080 0.00 32 1:5 32
2,560 4 0.30 10,240 0.00 32 1:4 32
3,040 1 3.08 3,040 0.00 32 1:1 32
3,200 7 0.53 22,400 0.00 32 2:7 64
3,488 1 0.08 3,488 0.00 32 1:1 32
4,000 4 0.30 16,000 0.00 32 1:4 32
4,448 1 0.08 4,448 0.00 32 1:1 32
5,440 11 0.83 59,840 0.01 32 5:11 160
10.880 13 0.98 141.440 0.03 32 11:13 352
220,000 1 0.08 220,000 0.04 579 1:1 579
4,347,776 1 0.08 4,347,776 0.77 11,424 1:1 11,424
7,061,408 7 0.53 49,429,856 8.78 18.553 1:1 129,871
Total 1,325 100 562,896,608 100 1,480,530

C. Altotment to QIBs (After Technical Rejections): The Basis of Allotment to QIBs who have Bid at the Offer Price of Rs 459 per Equity Share has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 149.29 times of the QIB Portion. As per the SEBI ICDR Regulations, Mutual Funds were Allocated 5% of the Equity Shares of the Net QIB Portion available i.e. 96,702 Equity Shares and other QIBs. including Mutual Funds were Allocated the remaining available 1,875,337 Equity Shares comprising the Net QIB Portion on proportionate basis. The total number of Equity Shares allotted in the Net QIB Portion is 1.974.039 Equity Shares. which were allotted to 134 successful Applicants. The category-wise details of the Basis of Allotment are as under:

CATEGORY FIS/BANKS MF'S IC'S VC'S AIF FPI TOTAL
ALLOTMENT 604.284 287,098 55,317 - 495,979 531,361 1,974,039

D. Allotment to Anchor Investors

CATEGORY FIS/BANKS MF'S IC'S VC'S AIF FPI TOTAL
ALLOTMENT - 1,862,750 196,079 - - 902,228 2,961,057

The Company in consultation with the BRLM has Allocated 2,961.057 Equirty Shares to 15 Anchor investors through 21 Applications at the Anchor Investor Offer Price of Rs 459 per Equity Shares in accordance with the SEBI Regulations. This represents 60% of the QIB Portion.
E. Allotment to Eligible Employees (After Technical Rejections). The Bass oF Allotment to the Eligible Empoyees, who have Bid at the Offer Price of Rs 459 per Equity Share, was finalized consultation with the NSE, This Employee Reservation Portion has been subscribed to the extent of 1,4133 times The total number oF Equity Shares Allotted in this category is 169,082 Equity Shares to 668 successful Eligible Employees.
The category-wise details of the Basis of Allotment are as under:

Category No of
Applications
Received
% of
Total
Total No. of
Equity Shares
applied
% to
Total
No, of Equity
Shares Allotted
per Applicant
Ratio Total No. of
Equity Shares
Allotted
32 55 8.08 1,760 0.73 32 42:55 1,344
64 31 4.55 1.984 0.83 45 1:1 1.395
96 16 2.35 1,536 0.64 68 1:1 1,088
128 20 2.94 2,560 1,07 90 1:1 1,800
160 20 2.94 3,200 1.33 113 1:1 2.260
192 16 2.35 3,072 1.28 135 1:1 2,160
224 15 2.20 3,360 1.40 158 1:1 2,370
256 28 4.11 7,168 2.99 181 1:1 5,068
288 21 3.08 6,048 2.52 203 1:1 4,263
320 25 3.67 8,000 3.34 226 1:1 5,650
352 25 3.67 8,800 3.67 248 1:1 6.200
384 25 3.67 9,600 4.00 271 1:1 6,775
416 14 2.06 5,824 2.43 293 1:1 4,102
448 22 3.23 9,856 4.11 316 1:1 6,952
480 66 9.69 31,680 13.21 338 1:1 22,308
512 35 5.14 16.800 7.01 338 1:1 11,830
544 11 1.62 5,280 2.20 338 1:1 3.718
576 23 3.38 11,040 4.60 338 1:1 7,774
608 21 3.08 10,080 4.20 338 1:1 7,098
640 8 1.17 3,840 1.60 338 1:1 2,704
672 6 0.88 2,880 1.20 339 1:1 2,034
704 17 2.50 8,160 3.40 338 1:1 5.746
736 16 2.35 7,680 3.20 338 1:1 5,408
768 6 0.88 2,880 1.20 339 1:1 2,034
800 6 0.88 2,880 1.20 339 1:1 2,034
832 53 7.78 25,440 10.61 338 1:1 17,914
864 27 3.96 12,960 5.40 338 1:1 9,126
896 2 0.29 960 0.40 339 1:1 678
928 2 0.29 960 0.40 339 1:1 678
960 8 1.17 3,840 1.60 338 1:1 2,704
1,024 1 0.15 480 0.20 338 1:1 338
1,056 1 0.15 480 0.20 338 1:1 338
1,088 4 0.59 1,920 0.80 339 1:1 1,356
1,120 3 0.44 1,440 0.60 338 1:1 1,014
1,184 32 4.70 15.360 6.41 338 1:1 10,816
1,184 1 additional share is allatted in the ratio of 5:32 1 5:32 5
Total 681 100.00 239,808 100.00 169,082

The Board of Directors of the Company at its meeting' held on October 16.2017. has approved the Basis of Allotment of the Equity Share approved by the Designated Stock Exchange, being NSE and Allotted the Equity Shares to various successful Bidders.
The Allotment Advice -cum-fefund Intimations are being dispatched to the address of the investors as registered with the depositories. Further, instructions to the Self Certified Syndicate Banks for unblocking of funds and transfer to the Public Offer Account, as applicable have been issued on October 14.2017. The Equity Shares Allotted to the successful Applicants have been credited on October 16, 2017 to their beneficiary accounts subject to validation of the account details with the depositories concerned. In case the unblocking of funds or credit of shares is not reserved within ten days, investors may contact the Registrar to the Offer at the address given below Our Company is taking steps for completion of the necessary formalities to get the Equity Shares admitted for trading on the BSE and the NSE within six Working Days from the Bid/Offer Closing Date.
Note. All capitalized terms used and not defined herein shell have the respective meanings assigned to them in the Prospectus.


INVESTORS PLEASE NOTE

These details of the Allotment made shall be hosted on the website of Registrar to the Offer Link Intime India Private Limited at www.linkintime.co.in
All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First1/ Sole applicant. Serial number of the ASBA form, number of Equity Shares bid for. name of the Member of the Syndicate. place where the bid was submitted and payment details at the address given below:

Link Intime India Private Limited
C-101.1st Floor. 247 Park. Lal Bahadur Shastri Marg. Vikhrali West. Mumbai 400 083. Maharashtra. India.
Telephone: +91 22 4918 6200; Facsimile: +91 22 4918 6195: E-mal: mas.ipo@linkintime.co.in:
Investor Grievance E-mail: mas.ipo@linkintime.co.in. Website: www.linkintime.co.in; Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058

Place : Ahmedabad

Date  : October 17,2017

For MAS FINANCIAL SERVICES LIMITED
On behalf of the Board of Directors
Sd/-
Company Secretary and Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF MAS FINANCIAL SERVICES LIMITED.

MAS Financial IPO Basis of Allotment FAQs

Check the basis of allotment document above to know about how the shares are allocated in MAS Financial IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

The MAS Financial IPO basis of allotment (published above) tells you how shares are allocated to you in MAS Financial IPO and category wise demand of IPO share.

Visit the MAS Financial IPO allotment status page to check the number of shares allocated to your application.

Check the basis of allotment document above to know about how the shares are allocated in MAS Financial IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).