Manba Finance Limited IPO Subscribed 23.79x on Day 1: Highest Bids from NIIs – Check Subscription Status, GMP, and More

Manba Finance Limited IPO Manba Finance IPO opened for subscription on Monday, September 23, 2024, and will remain open until September 25, 2024. The initial public offering (IPO) has attracted…

By Reetam Bodhak

September 23, 2024

2 min read

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Manba Finance Limited IPO

Manba Finance IPO opened for subscription on Monday, September 23, 2024, and will remain open until September 25, 2024. The initial public offering (IPO) has attracted significant interest from investors, with a subscription rate of 23.79 times on its first day of bidding.

Manba Finance, a leading non-banking financial company (NBFC), offers a wide range of financial services, including auto loans, used car loans, small business loans, and personal loans. The company operates across 66 locations in six states: Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

Manba Finance Limited IPO Subscription Status:

The IPO saw an impressive response, with bids for 20.92 crore shares against the 87.99 lakh shares available, according to NSE data. The non-institutional investor (NII) portion was subscribed 43.18 times, while qualified institutional buyers (QIBs) showed 2.36 times demand. Retail individual investors (RIIs) were highly active, with a subscription rate of 27.71 times on day one.

Manba Finance IPO GMP (Grey Market Premium):

The shares of Manba Finance are trading at a grey market premium (GMP) of approximately ₹64, indicating a 53% premium over the issue price in the unlisted market. According to market analysts, the expected listing price for Manba Finance is around ₹184, compared to the IPO price of ₹120 per share.

The grey market premium reflects the confidence investors have in the stock, with a willingness to pay more than the set issue price.

Manba Finance IPO Details:

The company has set the price band for the IPO at ₹114 to ₹120 per equity share, with a face value of ₹10 per share. The IPO consists of a fresh issue of up to 1.26 crore shares. Currently, the promoters hold 100% of the company, and the funds raised from the IPO will be used to strengthen Manba Finance’s capital base and support future lending needs, along with general corporate purposes.

With such high demand, the Manba Finance IPO is expected to make a strong debut in the market.