Manba Finance shares debuted on the stock exchanges with a strong premium of 25%. The shares were listed at ₹145 on the NSE, a 20.83% increase from the issue price of ₹120, and at ₹150 on the BSE, a 25% premium.
The company had set the IPO price band between ₹114-₹120 per share and aimed to raise ₹150.84 crore exclusively through a fresh issue. This means the company will receive the full IPO proceeds, excluding issue-related expenses.
The IPO garnered an overwhelming response, with a subscription rate of 224.10 times. Investors bid for 197.18 crore shares between September 23-25, significantly overshooting the offer size of 87.99 lakh shares, according to exchange data.
As a non-banking finance company (NBFC) based in Maharashtra, Manba Finance intends to use the IPO proceeds to bolster its capital base and support its future growth plans.
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