Mon Sep 23 18:10:58 UTC 2024: ## Manba Finance IPO Over-Subscribed on Day One, Reflecting Strong Investor Interest
**Mumbai, September 24:** Manba Finance, a non-banking financial company (NBFC) offering a range of financial services, witnessed an overwhelming response to its initial public offering (IPO) on Monday. The IPO, which opened for subscription on September 23, was oversubscribed 23.79 times on the first day of bidding alone.
The ₹150.84-crore IPO saw bids for 20.92 crore shares, exceeding the 87.99 lakh shares on offer. All categories of investors showed strong interest, with non-institutional investors subscribing 43.18 times, qualified institutional buyers (QIBs) at 2.36 times, and retail individual investors (RIIs) at a remarkable 27.71 times.
This overwhelming demand is reflected in the grey market premium (GMP), currently at ₹64, indicating investors are willing to pay a 53% premium over the IPO price. Analysts estimate the listing price of Manba Finance to be around ₹184, based on the current GMP.
Manba Finance, operating across 66 locations in six states, provides loans for automobiles, used cars, small businesses, and personal needs. The IPO, consisting of fresh issuance of 1.26 crore shares, aims to strengthen the company’s capital base and support future lending operations.
The IPO will remain open until September 25.
First Piper 