** Shares of MA Financial Group MAF.AX rise 1.2% to A$7.31

** Asset manager reports closure of IPO for the MA Credit Income Trust MA1.AX

** Says IPO was oversubscribed, leading to an increase of capital raised from the initial A$300 mln to A$330 mln ($188 mln to $206.7 mln) to meet some of the excess subscription demand

** Stock rose as much as 2.8% earlier in the day, hitting its highest level since late April 2022

** Over 330,000 shares change hands, 1.9x the 30-day avg

** Stock gained 8.5% in January

($1 = 1.5964 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))