Manba Finance IPO Oversubscribed by 223 Times, Receives Massive Investor Interest

Manba Finance’s Initial Public Offering (IPO) saw an unprecedented 223.12 times subscription on its closing day, Wednesday. The Rs 151-crore IPO received bids for 1,96,32,02,000 shares against 87,99,000 shares on offer. Funds will be used to boost the company’s capital base for future lending and general purposes.

In a clear indication of robust investor confidence, Manba Finance's initial public offer (IPO) was oversubscribed by an astounding 223.12 times on its closing day, Wednesday.

The Rs 151-crore IPO attracted bids for 1,96,32,02,000 shares, surpassing the 87,99,000 shares available for sale, according to data from the NSE.

The non-institutional investor segment saw a subscription rate of 510.89 times, while Qualified Institutional Buyers (QIBs) subscribed 148.55 times and Retail Individual Investors (RIIs) by 142.40 times. Manba Finance's IPO garnered 23.67 times subscription on the first day alone.

This IPO includes a fresh issue of up to 1,25,70,000 equity shares at a price range of Rs 114-120 per share. The proceeds will be used to enhance the company's capital base to support future lending and meet general corporate expenses.

The offering is managed by Hem Securities. Manba Finance specializes in financial solutions for auto loans, used cars, small business loans, and personal loans, operating across 66 locations in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

(With inputs from agencies.)