Fri Sep 27 04:07:24 UTC 2024: ## Manba Finance IPO Over-Subscribed, Allotment Finalized

**Mumbai, India** – Manba Finance, an automobile loan company, has successfully completed its initial public offering (IPO), with the issue being oversubscribed by a staggering 224.10 times. The IPO, which opened for subscription on September 23rd and closed on September 25th, saw strong demand from all investor categories.

The company has finalized the IPO share allotment, with shares being credited to eligible allottees’ demat accounts on September 27th. Refunds to unsuccessful bidders will also be initiated on the same day.

Investors can check their Manba Finance IPO allotment status online through the BSE website (https://www.bseindia.com/investors/appli_check.aspx) or the IPO registrar, Link Intime India Private Ltd, website (https://linkintime.co.in/initial_offer/public-issues.html).

Manba Finance shares are already commanding a premium in the unlisted market, with a grey market premium (GMP) of ₹60 per share. This indicates potential for a strong listing on September 30th, with estimates suggesting a listing price of ₹180 per share, representing a 50% premium to the IPO price of ₹120 per share.

The IPO raised ₹150.84 crore through a fresh issue of 1.26 crore shares. Manba Finance plans to utilize the proceeds to bolster its capital base and meet future capital requirements.

The public issue was particularly popular amongst retail investors, being oversubscribed 144.03 times, while the Qualified Institutional Buyers (QIB) category saw a 148.55 times oversubscription. Non Institutional Investors (NII) exhibited the strongest demand, with their portion of the IPO being subscribed 511.65 times.

Hem Securities acted as the book running lead manager for the Manba Finance IPO, while Link Intime India Private Ltd served as the IPO registrar.

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