Manba Finance IPO Opens Today, September 23, 2024

23 Sep 2024 , 01:00 PM

The initial public offering (IPO) of Manba Finance is set to open for bidding on September 23 and will remain available until September 25. Shares are priced between ₹114 to ₹120, with a minimum application requirement of 125 equity shares and multiples thereafter.

At the time of writing on the first day of subscription, the IPO has seen a overall subscription of 10.59 times, where the non-institutional investors (NIIs) subscribing 14.67 times, retail investors 14.23 times.

The IPO aims to raise ₹150.84 Crore through the sale of 12,570,000 equity shares, with proceeds intended to strengthen the company’s capital base for future requirements.

Manba Finance has successfully raised ₹45.25 Crore from eight institutional investors, allocating 3,771,000 shares at ₹120 each. The company’s target market includes employees and self-employed individuals, financing up to 85% of the vehicle purchase price.

Manba Finance has a robust branch network in urban and semi-urban areas, collaborating with over 1,100 dealers, including 190 EV dealers across several states.

The IPO allocates 50% of shares to qualified institutional bidders (QIBs), 15% to non-institutional investors (NIIs), and 35% to retail investors. For the financial year 2024, Manba Finance reported a net profit of ₹31.42 Crore and revenue of ₹191.63 Crore.

Established in 1998, Manba Finance operates as a non-banking finance company (NBFC), offering financial solutions for two-wheelers, three-wheelers, electric vehicles, used cars, small business loans, and personal loans.

Hem Securities is the lead manager for the IPO, while Link Intime India serves as the registrar, with shares expected to list on the BSE and NSE on September 30.