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Manba Finance Limited's Initial Public Offering (IPO) is making waves in the market, and on the second day of bidding or day 2, the public issue saw a subscription rate of 73.23.
As of now, the issue has attracted bids for 64,43,46,500 shares against the 87,99,000 equity shares offered. Furthermore, the price band of the public issue set between Rs 114 and Rs 120.
The IPO opened for subscription on September 23, 2024, and will conclude on September 25, 2024.
The Non-Institutional Investors and Retail Portions were subscribed at 172.26 times and 70.26 times, respectively.
On the other hand, the Qualified Institutional Buyer (QIB) portion saw a subscription of 4.15 times.
Anchor Investors
Prior to the IPO's opening, the company raised Rs 45.25 crores from various anchor investors. Some of the key participants included Chartered Finance & Leasing Limited, Finavenue Capital Trust, and Belgrave Investment Fund.
Subscription overview - Day 1
On the first day or Day 1, the public issue was subscribed by 23.79 times. Investors placed bids for 20,92,89,000 shares against the 87,99,000 shares offered.
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.
