Tue Sep 24 18:46:59 UTC 2024: ## Manba Finance IPO Over-Subscribed on Opening Day, Strong Interest From Investors

**Mumbai, September 24, 2024:** The initial public offering (IPO) of Manba Finance Limited, a leading provider of financial services in India, has seen overwhelming response from investors, with the issue fully subscribed on the very first day of bidding.

The IPO, which opened for subscription on September 24th, 2024, offered 1.26 crore shares with a price range set between Rs 114 and Rs 120 per share. By 11:39 AM, the IPO was subscribed a whopping 39.56 times overall. Retail investors showed particularly strong enthusiasm, with the retail category reaching 44.10 times subscription. The QIB category saw 3.05 times subscription, while the NII category was subscribed 77.65 times.

Manba Finance, founded in 1998, offers a diverse range of financial services, including loans for new and used two-wheelers, three-wheelers, electric vehicles, and small business and personal loans. The company has established a strong presence in the market, boasting relationships with over 1100 dealers and expanding its reach across 66 locations in six states. Its focus on technology has led to a scalable operating model with quick turnaround times for loan processing, averaging 5.30 days as of March 31, 2024.

Analysts are optimistic about the IPO’s performance. Anan Rathi, in its IPO report, noted that Manba Finance is fairly priced, recommending a ‘Subscribe-Long Term’ rating. The report highlights the company’s strong fundamentals, including its impressive network, technological prowess, and profitable track record.

The current grey market premium (GMP) for the IPO stands at Rs 64, suggesting an estimated listing price of around Rs 184, which translates to a potential gain per share of 53.33%. While this projected gain seems enticing, investors are advised to exercise caution as grey market premiums are volatile and actual listing prices can vary based on market conditions.

Manba Finance’s successful IPO reflects the strong investor confidence in the company and the growing demand for financial services in India. The company is poised for further growth and expansion, and the IPO is expected to provide it with the necessary capital to achieve its ambitious plans.

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