Manba Finance IPO Sees Overwhelming Response on Day One

Manba Finance Ltd's initial public offer received 23.67 times subscription on its first day. The Rs 151-crore sale saw significant demand from various investor categories. The IPO aims to raise funds to bolster the company's capital base for onward lending and corporate needs. The offer closes on September 25.

The initial public offering (IPO) of Manba Finance Ltd experienced an overwhelming response, with a 23.67 times subscription rate on its first day of bidding.

According to data from the National Stock Exchange (NSE), the Rs 151-crore share sale of the Non-Banking Finance Company (NBFC) received bids for 20,82,50,750 shares against an offering of 87,99,000 shares.

The non-institutional investors' category saw a subscription rate of 43.09 times, while Retail Individual Investors (RIIs) subscribed 27.52 times, and Qualified Institutional Buyers (QIBs) segment observed a 2.36 times subscription.

The IPO features a fresh issuance of up to 1,25,70,000 equity shares, with a price range between Rs 114-120 per share. The initial share sale will conclude on September 25.

Proceeds from the IPO will be used to enhance the company's capital base for future capital requirements, onward lending, and general corporate purposes. Hem Securities is managing the offer.

Operating across 66 locations in states like Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh, Manba Finance provides financial solutions including auto, used car, small business, and personal loans.

(With inputs from agencies.)