MANBA FINANCE SETS IPO PRICE BAND AT ₹114-120; ISSUE VALUED AT ₹150 CRORE

Non-banking financial company (NBFC) Manba Finance Ltd. has set a price band of ₹114 to ₹120 per share for its upcoming initial public offering (IPO), which will be open for subscription between September 23 to 25. The anchor book will be opened for a day on September 20.

Through the initial share sale, the company plans to raise ₹150 crore.

The offer includes entirely a fresh issue of 1.25 crore equity shares with no offer-for-sale component.

Investors can bid for a minimum of 125 shares in one lot and in multiples thereof.

About 50% of the issue size has been set aside for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors.

The Maharashtra-based company is going to utilise the net fresh issue funds to augment its capital base to meet future capital requirements.

Established in 1998, Manba Finance is a non-banking finance company (NBFC-BL) offering financial solutions for new two-wheelers (2Ws), three-wheelers (3Ws), electric two-wheelers (EV2Ws), electric three-wheelers (EV3Ws), used cars, small business loans and personal loans.

The company's revenue increased by 44% and profit after tax (PAT) rose by 90% between the financial year ending with March 31, 2024 and March 31, 2023.

Hem Securities Ltd. is the book running lead manager to the IPO, while Link Intime India Private Ltd. is the registrar.

The allotment for the Manba Finance IPO is expected to be finalised on September 26, while it will list on BSE, NSE with tentative listing date fixed as September 30, 2024.

2024-09-18T09:02:16Z dg43tfdfdgfd