Manba Finance Limited IPO opened for subscription on 23 September. The company plans to raise Rs. 150.84 crore through the public offer. As soon as the issue opened, it received a strong response from investors and it was booked more than 7 times in a few hours. By 12 noon, the retail category and NII category were subscribed more than 10 times.
About 50% of the public offer is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 35% for retail investors.
This IPO is a book built issue of Rs 150.84 crore. It is a completely fresh issue of 1.26 crore shares. The corporate promoters of the company are Manba Investments and Securities Private Limited, Avalon Advisory and Consultant Services Private Limited, Manba Fincorp Private Limited, Manba Infotech LLP and Manish Kiritkumar Shah (HUF).
The company proposes to use its net proceeds to increase the capital base to meet the future capital requirements of the company.
The price band of Manba Finance IPO is Rs 114-120 per share. The minimum lot size with one application is 125 shares. The minimum investment amount for retail investors is Rs. 15 thousand.
According to market analysts, the current GMP of Manba Finance IPO is Rs 60 in the unlisted market, which is 50 percent higher than the cap price.
Manba Finance Limited is a non-banking finance company (NBFC) providing financial solutions for new two-wheelers, three-wheelers, electric two-wheelers, electric three-wheelers, used cars, small business loans and personal loans.
The company’s target customers are employees and self-employed. The company has branches in urban, semi-urban and metropolitan cities and towns serving the surrounding rural areas.
Read More .. Manba Finance IPO: Issue of ₹151 crore to open on 23 September
The company has established relationships with over 1100 dealers including over 190 EV dealers in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh.
Manba Finance Limited’s revenue grew by 44% and profit after tax (PAT) grew by 90% between the financial year ending March 31, 2024 and March 31, 2023. The company’s revenue in FY24 was Rs. 191.63 crore and profit after tax was Rs. 31.42 crore.
The issue will close on September 25. Share allotment for the IPO will likely be finalized on September 26 and the company is expected to list on BSE, NSE on September 30.
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