Tue Sep 24 05:50:56 UTC 2024: ## Manba Finance IPO Opens with Strong Subscription

**Mumbai, September 24, 2024:** Manba Finance Limited, a non-banking financial company (NBFC), has seen strong interest in its initial public offering (IPO) which opened on Monday, September 23rd. The ₹150.84 crore issue, priced between ₹114 to ₹120 per equity share, has already been subscribed 33.32 times by 11:03 AM on the second day of bidding.

The retail portion has been subscribed 40.52 times, while the NII segment has seen a robust subscription of 71.77 times. The QIB segment, however, has witnessed a more moderate subscription of 2.38 times.

The IPO, which will close on Wednesday, September 25th, is generating excitement in the grey market with shares trading at a premium of ₹60. The company plans to use the proceeds from the IPO for further expansion of its business which focuses on two-wheeler and three-wheeler financing, and has recently expanded into personal, business, and used car loans.

**Analysts’ Views:**

Arun Kejriwal, Founder of Kejriwal Research and Investment Services, believes the IPO is a good opportunity for high-risk investors looking for listing gains, as the NBFC space is highly competitive.

Akriti Mehrotra, Research Analyst at StoxBox, is more optimistic, recommending a “SUBSCRIBE” rating for the issue with a medium to long-term investment perspective. She points to the robust growth of the NBFC industry in India, fueled by increasing consumer demand and finance penetration, as a positive factor.

Mehrotra highlights Manba Finance’s strong performance, with assets under management growing from ₹4,958.3 million in FY22 to ₹9,368.6 million in FY24, and profit after tax surging from ₹97.4 million to ₹314.2 million. She believes the company is well-positioned to capitalize on the growing market and recommends a “SUBSCRIBE” rating with a medium to long-term investment outlook.

**Key IPO Details:**

* **IPO Price Band:** ₹114 to ₹120 per equity share
* **IPO Size:** ₹150.84 crore
* **IPO Open Dates:** September 23 – 25, 2024
* **Allotment Date:** September 26, 2024 (expected)
* **Listing Date:** September 30, 2024 (expected)
* **Lead Manager:** Hem Securities Limited
* **Registrar:** Link Intime India Private Limited

**Disclaimer:** The views and recommendations provided in this article are those of individual analysts or broking companies and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions.

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