Mon Sep 23 19:11:27 UTC 2024: ## Manba Finance IPO Over-Subscribed on Day One, Listing Pop Expected
**Mumbai, India – September 24, 2024:** The initial public offering (IPO) of Manba Finance witnessed a strong response from investors on its first day of bidding, with the issue being largely subscribed by retail and high net worth individuals (HNIs).
The IPO, which opened for bidding on Monday, September 23, saw bids for 6,83,20,875 equity shares, 7.76 times the 87,99,000 shares offered. The retail portion was oversubscribed by 10.78 times, while the non-institutional investor (NII) quota saw a subscription of 10.63 times.
The three-day bidding process will conclude on Wednesday, September 25. The company is looking to raise Rs 150.84 crore via the IPO, with the shares priced in the band of Rs 114-120 apiece.
Established in 1998, Manba Finance is a non-banking finance company (NBFC) that specializes in providing financial solutions for two-wheelers, three-wheelers, electric vehicles, used cars, small business loans, and personal loans. The company boasts a strong presence across six states – Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.
Market experts are bullish on the IPO, citing strong financials, rising demand for loans, and planned business expansion as key factors. However, rising capital costs and increasing bad loans are considered potential concerns.
Despite these concerns, the grey market premium for Manba Finance has remained stable, suggesting a potential listing pop of around 50% for investors.
“Manba Finance has demonstrated consistent growth, with its loan book expanding significantly,” said Ventura Securities. “With a strong focus on innovation and financial inclusion, it continues to grow its market presence.”
The IPO is scheduled to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) on Monday, September 30.
First Piper 