Thu Sep 26 05:53:33 UTC 2024: ## Manba Finance IPO Overwhelmed by Investor Demand, Subscribed 224 Times

**Mumbai, September 26, 2023:** The initial public offering (IPO) of Manba Finance Ltd., a non-banking financial company (NBFC) specializing in loans for three-wheelers, electric vehicles, used cars, and small businesses, was met with overwhelming demand from investors.

The IPO, which concluded on Wednesday, was subscribed a massive 224.10 times, driven primarily by strong interest from non-institutional investors. The ₹151 crore IPO received bids for 1,97,18,34,875 shares against 87,99,000 shares on offer.

Non-institutional investors showed immense enthusiasm, subscribing to the portion allotted to them 511.65 times. Qualified Institutional Buyers (QIBs) also participated heavily, subscribing 148.55 times. Even the Retail Individual Investors (RIIs) quota saw strong demand, with a subscription rate of 144.03 times.

The IPO price was set at ₹114-120 per share, and Manba Finance successfully allocated 37.7 lakh shares to eight anchor investors at ₹120 per share, raising ₹45.25 crore prior to the IPO.

The allotment for the IPO is scheduled to be finalized on Thursday, September 26, with the company expected to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on September 30.

**Grey Market Premium Reflects Optimism**

The grey market premium (GMP) for Manba Finance stood at ₹58 as of 6:03 am on September 26, indicating a 48.33% gain over the IPO price. This suggests a potential listing price of ₹178 per share. However, it’s important to note that GMP is a speculative indicator and not an official price quote.

**Proceeds from the IPO**

The proceeds from the IPO will be used to strengthen the company’s capital base and meet its future capital requirements. Manba Finance, currently operating in Maharashtra, Gujarat, and Rajasthan, has recently expanded its presence to Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

**Disclaimer:** Investors are reminded that investments in IPOs are subject to market risks. It’s essential to consult with financial advisors and thoroughly review the red herring prospectus before placing bids.

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