Manba Finance Ltd Surges 25% on Stock Market Debut

Manba Finance Ltd shares debuted with a 25% premium on BSE at Rs 150, later hitting the upper circuit limit of Rs 157.45. Similarly, on NSE, shares surged from Rs 145 to Rs 152.25. The company's IPO saw significant investor interest, being subscribed 223.12 times, raising Rs 151 crore.

Shares of Manba Finance Ltd on Monday listed with a premium of 25 percent against the issue price of Rs 120 on the BSE.

The stock listed at Rs 150, registering a surge of 25 percent from the issue price. Later, it jumped 31.20 percent to Rs 157.45, hitting the upper circuit limit.

At the NSE, shares of the firm listed at Rs 145, recording a 20.3 percent rise. The stock later surged 26.87 percent to Rs 152.25, the highest trading permissible limit.

The company's market valuation stood at Rs 791.02 crore.

Reflecting strong investor participation, the initial public offer (IPO) of Manba Finance received a whopping 223.12 times subscription on the closing day of the share sale.

The Rs 151-crore IPO had a fresh issue of up to 1,25,70,000 equity shares, with a price range of Rs 114-120 per share.

Proceeds from the issue will be used to augment the capital base and meet future capital requirements for onward lending and general corporate purposes.

Manba Finance provides financial solutions for auto loans, used cars, small business loans, and personal loans, operating in 66 locations across Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

(With inputs from agencies.)