Mon Sep 23 13:10:48 UTC 2024: ## Manba Finance IPO Opens for Bidding, Aims to Raise Rs 150 Crore

**Mumbai, India (September 23, 2024)** – Manba Finance Limited, a non-banking financial company (NBFC) specializing in loans for two-wheelers, three-wheelers, electric vehicles, used cars, and small businesses, has launched its initial public offering (IPO). The IPO opened for subscription on Monday, September 23rd, and will close on September 25th.

Manba Finance is looking to raise Rs 150.84 crore through the IPO, which comprises a fresh issue of 1.26 crore shares. The price band for the IPO has been set between Rs 114 and Rs 120 per share, with a minimum investment of Rs 15,000 for retail investors.

Analysts at Anan Rathi have given the IPO a ‘Subscribe-Long Term’ rating, citing Manba Finance’s strong dealer network, expansion potential, and efficient loan processing. The firm currently operates in 66 locations across six states in Western, Central and North India.

The grey market premium (GMP) for Manba Finance’s IPO is currently at Rs 60, suggesting an estimated listing price of Rs 180. This translates to a projected gain of 50% per share, based on the upper price band of Rs 120.

The allotment for the IPO is expected to be finalized on Thursday, September 26th, with the company’s shares expected to be listed on both the BSE and NSE on Monday, September 30th.

Manba Finance was established in 1998 and has grown to become a leading player in the vehicle and SME loan segment. The company’s strong track record and expansion plans have attracted significant investor interest, making this IPO one to watch in the coming days.

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