The Initial Public Offering (IPO) of Manba Finance Limited has kicked off on Monday (Septem 23) and set to close on September 25. The price band for the IPO is kept between Rs 114 to Rs 120 per share.
Subscription Overview - Day 1
On its first day of bidding, which began today, the IPO was subscribed by 23.79 times. Investors placed bids for 20,92,89,000 shares against the 87,99,000 shares offered.
Non-Institutional Investors (NII) portion subscribed 43.18 times. Retail investors followed suit with a subscription rate of 27.71 times.
Meanwhile, the Qualified Institutional Buyers (QIB) portion saw a subscription of 2.36 times.
According to various platforms monitoring grey market activities, Manba Finance shares are currently trading at a grey market premium (GMP) of around Rs 64. This indicates that the shares are valued at over 53 per cent higher than their IPO price.
Anchor Investment
Before the IPO opened, Manba Finance successfully raised Rs 45.25 crores from several prominent anchor investors, including Chartered Finance & Leasing Limited, Finavenue Capital Trust, Anrara India Evergreen Fund, Belgrave Investment Fund, Meru Investment Fund, Rajasthan Global Securities Private Limited, Vikasa India EIF I Fund.
IPO/ Representative Image | Freepik
Company Background
Manba Finance was founded in 1998 in Mumbai, Maharashtra. The company operates out of 66 locations across six states, catering to urban, semi-urban, and metropolitan regions, as well as surrounding rural areas.
For the fiscal year 2024, the company reported a revenue of Rs 191.63 crore and a net profit of Rs 31.42 crore.
For the year that ended in March 2023, the company posted a revenue of Rs 133.32 crore and a net profit of Rs 16.58 crore.
The company IPO has a total market capitalisation of Rs 602.87 crore.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in IPOs involves risks and potential volatility. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.
