Manba Finance IPO Day 1: Issue subscribed 12.42 times so far; check price band, lot size, financials and more

Manba Finance IPO date: The initial public offering (IPO) of Manba Finance, a non-banking finance company (NBFC), opened for subscription on Monday, September 23. The public issue, which will conclude on September 25, has set a price range of ₹114 to ₹120 per share.

The ₹150.84 crore IPO is a fresh issuance of 1.26 crore equity shares. There is no offer for sale (OFS) component.

The money raised will be used to expand the company's capital base to meet future capital demands, and serve general corporate purposes.

Manba Finance IPO Day 1: Subscription status

The initial share sale has been subscribed 12.42 times on Monday, on the first day of bidding, till 1:28 pm.

The company has set aside 50% of the issue size for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the remaining 35% for retail investors.

An investor can bid for one lot size, consisting of 125 shares, worth ₹14,250.

Manba Finance offers financial solutions for purchasing new and used vehicles. It also provides personal loans and small business loans. It has 66 locations in six states: Gujarat, Maharashtra, Chhattisgarh, Rajasthan, Uttar Pradesh, and Madhya Pradesh.

The company's assets under management (AUM) stood at ₹936.85 crore in the financial year 2023-24, up from ₹495.82 crore in FY22 with a compound annual growth rate (CAGR) of 37.5%.

Manba Finance IPO: Financials

Hem Securities is the sole lead manager to the issue.