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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Augmenting capital base
Augmenting the company's capital base to meet future capital requirements arising out of growth of the business.
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MAS Financial Services Limited is a leading non-deposit taking non-banking financial company (NBFC) specializing in retail financing in India. Incorporated in 1995 and headquartered in Ahmedabad, the company primarily provides financial products tailored for micro, small, and medium enterprises (MSMEs), two-wheeler loans, used car loans, commercial vehicle financing, and affordable housing loans. Operating through an extensive network of physical branches and strategic partner outlets across Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Delhi, and Tamil Nadu, the company serves lower and middle-income customer segments. Its sourcing model combines direct customer origination with partnerships with smaller NBFCs and financial intermediaries. MAS Financial focuses on maintaining strong asset quality through conservative loan-to-value ratios, rigorous credit assessment, and proactive collection mechanisms. The company's expansion strategy aims to deepen penetration in existing states, diversify its loan book, optimize borrowing costs, and expand digital loan processing capabilities.
Ahead of its initial public offering, MAS Financial Services Limited raised ₹135.91 crore by allocating 2,961,057 equity shares to 15 anchor investors at ₹459 per share. Key anchor participants included Nomura, JP Morgan, Wasatch, Credit Suisse, HDFC Mutual Fund, ICICI Prudential AMC, and SBI Mutual Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 30 July 2026, 4:13 PM
Established Track Record in MSME and Retail Financing
MAS Financial Services has over two decades of operational history focused on retail financing for micro, small, and medium enterprises, two-wheelers, commercial vehicles, and housing.
Extensive Distribution Network in Underserved Markets
The company operates an expansive branch and channel partner network across western and central India, effectively reaching lower and middle-income customer segments.
Robust Risk Management and Asset Quality Controls
MAS Financial maintains disciplined underwriting standards and credit monitoring systems, resulting in consistently low net non-performing asset levels.
Geographic Concentration in Western India
A substantial portion of the loan portfolio is concentrated in Gujarat and Maharashtra, exposing operations to regional economic and regulatory developments.
Credit Risk inherent in MSME and Low-Income Borrowers
Lending to micro-enterprises and self-employed individuals carries higher vulnerability to macroeconomic downturns and cash-flow volatility.
Interest Rate and Borrowing Cost Fluctuations
As a non-deposit-taking NBFC relying on bank lines and debt markets, increases in borrowing costs could compress net interest margins.
MAS Financial Services Limited
6, Ground Floor, Narayan Chambers, Behind Patang Hotel, Ashram Road, Ahmedabad 380009, Gujarat, India
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