Manba Finance IPO Subscription Details for Day 2

24 Sep 2024 , 01:07 PM

Manba Finance’s Initial Public Offering (IPO) opened for public subscription on September 23, 2024.

The company plans to raise ₹150.84 Crore through a fresh issue of 12,570,000 shares. The price band for the IPO is set between ₹114-116 per share, with a lot size of 125 shares.

At the time of writing, The IPO received strong interest, with an overall subscription of 46.22 times, qualified institutional buyers (QIBs) subscribing 3.06 times, non-institutional investors (NIIs) subscribing 94.34 times, retail investors 50.51 times.

Retail investors can participate in the IPO with a minimum bid of 125 shares, amounting to approximately ₹15,000. For sNII investors, the minimum requirement is 14 lots, which equals 1,750 shares, with an investment of about ₹2,10,000. For bNII investors, the minimum investment is 67 lots, equivalent to 8,375 shares, with a total value of around ₹10,05,000.

The IPO proceeds will be utilized to enhance the company’s capital base, supporting future expansion and business growth.

Link Intime India has been appointed as the registrar for the IPO, while Hem Securities is acting as the book-running lead manager. The subscription window closes on September 25, 2024, and the basis of allotment is expected on September 26, 2024.

Shares will be credited to investors’ demat accounts by September 27, 2024, with the company listing on BSE and NSE on September 30, 2024.

Manba Finance is a Non-Banking Financial Company (NBFC-BL) offering financial services for two-wheelers, three-wheelers, electric vehicles, used cars, small business loans, and personal loans. The company is headquartered in Mumbai and operates across 66 locations through 29 branches in six states in western, central, and northern India.