Manba Finance IPO Day 2: Issue subscribed 41.11 times so far, check key dates and more

Manba Finance IPO has received a great response from investors, with the issue being subscribed 41.11 times so far on Tuesday, the second day of bidding.

The ₹150.84 crore initial share sale has received bids for 36,17,57,125 shares against 87,99,000 equity shares on offer, according to the consolidated data on the NSE website.

Manba Finance IPO Day 2: Subscription status

The company is raising ₹150.84 crore by issuing new equity shares. The price band for the IPO, which is live from September 23 to September 25, has been fixed at ₹114-₹120 per share.

The proceeds from the fresh issue will be used to increase the capital base of the company to meet future capital requirements for lending and general corporate purposes.

Half of the issue has been reserved for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors (NIIs).

Investors can apply for at least 125 shares, or one lot size, valued at ₹14,250.

Manba Finance IPO: Key dates

• Bidding period: September 23 to September 25
• Allotment finalisation: September 26
• Refund initiation: September 26
• Demat transfer: September 27
• Listing: September 30

Manba Finance IPO: About the company

Manba Finance provides finance for small business loans, auto loans, used cars, and personal loans. The company has a presence in Maharashtra, Gujarat, Chhattisgarh, Rajasthan, Madhya Pradesh and Uttar Pradesh.