Fri Sep 27 20:05:14 UTC 2024: ## Manba Finance IPO Concludes, Raising Rs 150.84 Crore

**Mumbai, September 27:** Manba Finance successfully closed its Initial Public Offering (IPO) today, raising Rs 150.84 crore. The IPO opened on September 23 and closed on September 25, offering shares at a fixed price band of Rs 114-120 per share. The company issued 1.26 crore fresh shares during the offering.

The allotment of shares was finalized yesterday, September 26, with refunds being initiated for unsuccessful applicants. The shares are expected to be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on September 30.

Manba Finance, a non-banking financial company (NBFC) primarily focused on new vehicle loans, highlighted the potential risk of its reliance on a limited range of loan products in its IPO prospectus.

The IPO attracted significant interest from retail investors who had to apply for a minimum of 125 shares, amounting to Rs 15,000.

Promoters of Manba Finance, including Manba Investments and Securities, Avalon Advisory, and Manba Fincorp, will hold a majority stake of 74.98% post the IPO.

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