Contact Us | Log In
Sensex: 32923.1 -252.90 Gold: Rs.30254.00
Nifty: 10094.2 -101.00 Silver: Rs.38341.00
MAS Financial Services IPO: High growth potential underpins high valuation; Subscribe -
MAS Financial Services IPO: High growth potential underpins high valuation; Subscribe
SPA Securities | Published: 06 Oct, 2017  | Source :

MAS Financial Services is a Gujarat-headquartered ("NBFC") with more than two decades of business operations. As of June 30, 2017, they operated across 6 States and the NCT of Delhi. The company operates in five business verticals namely Micro-Enterprise Loans, SME Loans, Two Wheeler Loans, CV Loans (which includes new and used CV loans, used car loans and tractor loans) and housing loans operated through their subsidiary MAS Rural Housing and Mortgage Finance Ltd (MRHMFL) Ltd. As on 30th June 2017, AUM stands at INR 34.5 bn and NNPA at 0.9%.


- Track record of consistent growth with quality loan portfolio

- Diversified product offerings presenting significant growth opportunities

- Access to diversified sources of capital and cost-effective funding

- Deep market knowledge through extensive sourcing channels

Outlook & Valuation

At the upper price band of INR 459 per share the company is priced at 4x FY17 BV on post dilution basis; whereas the peers are valued at ~3x FY17 BV. Considering the superior track record of the company (~33% AUM CAGR; ~1% GNPA and consistent ROE of ~22% for last 4 years) we expect MAS financial to deploy the fresh proceeds in the similar way going ahead. The company would get a discount on the valuation front considering its smaller size; however the high growth potential and profitability should underpin high valuation. We recommend SUBSCRIBE to the issue.

  Read full report Click here to read the full report

About SPA Securities

SPA Securities was promoted by a team of finance professionals in 1995 with an objective to provide value added financial services. Initially, the Group focused as a niche financial solutions provider in corporate finance and wealth management to Indian companies and high net worth individuals. In January 2000, the Group expanded its operations and the range of services. Today, SPA provides services for securities broking, merchant banking, wealth management, financial advisory, corporate finance , risk management and insurance broking.


For more information please write in to

Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

BSE : +0.00
NSE : +0.00
Read More