REUTERS - Indian non-banking financial company MAS Financial Services Ltd’s initial public offering of shares to raise 4.6 billion rupees ($70.5 million) was subscribed nearly 128 times on the last day of the sale on Tuesday, adding to the strong interest seen in initial share sales this year.
Investors bid for 911.1 million shares, or 127.9 times the about 7.1 million shares on offer, stock exchange data as of 1226 GMT showed.
MAS was looking to raise 2.33 billion rupees by issuing new shares while selling shareholders were offering 2.27 billion rupees worth of shares in the IPO, which is being managed by Motilal Oswal.
India has had more than $6 billion worth of IPOs so far in 2017, making it the best year in seven.
Indian Energy Exchange Ltd’s 10 billion rupee IPO, which closes for subscriptions on Wednesday, received bids for 0.43 times the number of shares on offer by the second day of the sale.
($1 = 65.2450 rupees)
Reporting by Vishal Sridhar in Bengaluru; Editing by Devidutta Tripathy and Subhranshu Sahu