Manba Finance IPO of ₹151-crore received an extraordinary response, with a subscription rate of 224.10 times as it closed on September 25. The non-banking finance company aimed to raise ₹150.84 crore through a fresh issue, with a price band of ₹114-120 per share.
Investors bid for 197.18 crore shares between September 23-25, against an offer size of 87.99 lakh shares. Non-institutional investors led the demand, oversubscribing their quota by 511.65 times, followed by qualified institutional buyers and retail investors at 148.55 times and 144.03 times, respectively.
The Maharashtra-based company, focused on two- and three-wheeler loans, will use the IPO proceeds to strengthen its capital base. Shares will be allotted by September 26, credited to demat accounts by September 27, and listed on the bourses from September 30.
Grey market activity has shown Manba’s shares trading at a 45-50% premium, indicating strong market interest ahead of the official listing.
