Mon Sep 23 17:11:08 UTC 2024: ## Manba Finance IPO Oversubscribed on First Day

**Mumbai, September 23, 2024:** The initial public offering (IPO) of Manba Finance Limited opened for subscription today, Monday, September 23rd, and was fully subscribed within the first hour of opening. The ₹150.84 crore IPO will remain open until September 25th, allowing investors to bid for shares from Monday to Wednesday.

The IPO’s price band has been set at ₹114 to ₹120 per equity share. The entire issue is a fresh one, meaning the net proceeds will go directly to the company’s balance sheet.

Manba Finance shares are already trading in the grey market, with sources indicating a premium of ₹64, potentially translating to a 54% gain upon listing.

**Strong Investor Interest:**

The IPO received a whopping 17.41 times subscription by 3:12 pm on the first day. The retail portion was oversubscribed by 22.13 times, while the NII segment saw 27.37 times oversubscription. The QIB segment received 1.67 times subscription.

**Key Highlights:**

* **IPO Size:** ₹150.84 crore
* **Price Band:** ₹114 – ₹120 per share
* **Listing Date (Tentative):** September 30, 2024
* **Lead Manager:** Hem Securities Limited
* **Registrar:** Link Intime India Private Limited

**Company Profile:**

Manba Finance Limited provides funding for two-wheelers and three-wheelers. Recently, the company expanded into personal, commercial, and used car loans, operating through over 1,100 dealers across six states. The company’s assets under management grew from ₹4,958.3 million in FY 2012 to ₹9,368.6 million in FY 2014, representing a CAGR of 37.5%. Its post-tax profit rose from ₹97.4 million to ₹314.2 million, while net NPA declined from 4.30% to 3.16%.

**Analyst Recommendation:**

Stockbox Research Analyst Aakriti Mehrotra has given the issue a “subscribe” rating.

Investors are eagerly awaiting the allotment date on September 26th and the potential listing gains on September 30th. The strong investor interest in Manba Finance’s IPO indicates a positive outlook for the company’s future growth.

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