The Initial Public Offering of Manba Finance Limited was subscribed 23.79 times on the first day of bidding led by NII and Retail.
The issue received bids of 20,92,89,000 shares against the offered 87,99,000 equity shares, at a price band of ₹114-120, according to the data available on the stock exchanges.
Non-Institutional Investors Portion and Retail Portion were subscribed 43.18 times and 27.71 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 2.36 times. The issue kicked off for subscription on Monday, September 23, 2024, and will close on Wednesday, September 25, 2024.
A day before its issue opening, Manba Finance Ltd raised Rs 45.25 crores from anchor investors. Institutions who participated in the anchor were Chartered Finance & Leasing Limited, Finavenue Capital Trustfinavenue Grwoth Fund, Anrara India Evergreen Fund, Belgrave Investment Fund, Meru Invest,ent Fund PCC-Cell 1, Nav Capital VCC - Nav Capital Emerging Star Fund, Rajasthan Global Securities Private Limited, and Vikasa India EIF I Fund - Incube Global Opportunities.
Leading brokerage firms like Arihant Capital, BP Wealth, Canara Bank Securities, Marwadi Securities, StoxBox, Swastika Investmart, and Ventura Securities have given a “Subscribe” rating to the issue highlighting the company is well-positioned for substantial growth, driven by its strategic expansion across 66 locations in six states and a strong focus on customer and dealer satisfaction. It has a diversified funding sources, co-lending arrangements, and plans to introduce used car loans, small business loans, and personal loans aim to further diversify its offerings and market reach. Its financial performance has been strong, with net NPA levels improving from 4.3% in FY22 to 3.16% in FY24. Its diversification plans, strong financials, and strategic positioning in the growing EV and vehicle financing market.
Hem Securities Limited is the sole book running lead manager, and Link Intime India Private Limited is the registrar of the issue. The Equity Shares are proposed to be listed on BSE and NSE