Gujarat-based NBFC company, MAS Financial Services, which opened its IPO issue today with 71,24,910 equity shares on offer was subscribed 68% on the first day. By 3:15 pm, the IPO received bids for 48,20,064 shares.

With a 'Subscribe' outlook by most of the brokerage houses for the issue, the company has managed to get good response for its Rs. 460 crore IPO. "Although valuations are on the higher side, looking at the strong and sustainable growth and ROE prospects of the company, we recommend a Subscribe to the issue," Angel Broking said.

Before the IPO issue, the company raised Rs. 136 crore from anchor investors. Price band for the issue is Rs. 456- Rs 459.

The IPO is valued at 6.85 times FY 17 book value while peers in the space are trading at approximately three times the FY 17 book value. In respect of return on equity, MAS reported a decent 27.9% growth in last 5 years in comparison to rival companies.

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