On Monday, the primary market saw the subscription of Manba Finance's initial public offering (IPO) in less than an hour after it opened for public subscription. Subscriptions for the first share sale of the Non-banking Finance Company (NBFC) are being accepted through Thursday, September 25.
On the first day of bidding on September 23, Manba Finance's initial share sale received 11.20 times the subscription, according to NSE statistics at 1 PM. 9.85 crore shares were bid for in the Rs 150.84 crore inaugural share sale, compared to the 87.99 lakh shares that were offered.
The Qualified Institutional Buyers (QIBs) quota received 1.50 subscriptions, compared to 16.01 subscriptions for the non-institutional investors portion. The subscription amount for Retail Individual Investors (RIIs) was received 14.69 times.
The set price range for a share of the corporation is between Rs 114 and Rs 120.
Manba Finance IPO GMP Price Today
Several websites that monitor premium activity on the gray market indicate that Manba Finance shares are fetching a GMP in the unlisted market within the price range of Rs 64, signifying a premium of more than 53 percent.
On September 30, the shares of the mainboard issuance will go public.
The whole Manba Finance IPO comprises of a new offering of up to 1.26 crore shares. At the moment, the promoters own a whole 100% of the Maharashtra-based business. The business will utilize the IPO revenues for general corporate reasons and to fortify the capital base, which will allow it to meet its future lending demands.
The issue has been divided as follows: 50% of the total has been set aside for eligible institutional purchasers, 35% for retail investors, and 15% for non-institutional investors. A minimum of 125 equity shares are up for grabs, and further bids must be placed in multiples of 125 shares.
Manba Finance provides a range of financial services, such as personal, small company, and vehicle loans. At the now, it has 66 sites spread throughout six states: Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Gujarat, Rajasthan, and Maharashtra.
The company's Assets Under Management (AUM) increased at a compound annual growth rate (CAGR) of 37.5% from Rs 495.82 crore in FY22 to Rs 936.85 crore in FY24. Manba Finance's earnings increased significantly from Rs 16.58 crore to Rs 31.41 crore in FY24, an 89.5 percent increase. Additionally, revenue grew by 44%, from Rs 133.32 crore in FY23 to Rs 191.58 crore in FY24.
