Final Hours! Manba Finance IPO closes today: GMP up 48%; should you apply?

Manba Finance IPO subscription status: Manba Finance IPO has so far received a favourable response from the investors, with bids for 72,65,13,250 shares against 87,99,000 shares offered, resulting in an oversubscription of 82.57 times by around 10:10 AM on Wednesday. Non-Institutional Investors placed the highest bid for the Manba Finance IPO, subscribing 202.30 times. This was followed by Retail Individual Investors (RIIs), who subscribed 70.18 times, and Qualified Institutional Buyers (QIBs), who subscribed 4.24 times, as per the data available on the NSE.

Meanwhile, the unlisted shares of Manba Finance continue to hold a strong premium in the grey market on the final day of bidding. According to sources tracking grey market activities, shares of Manba Finance are trading at a premium of around Rs 58, which translates to a GMP of 48.33 per cent against the upper end of the issue price of Rs 120. However, today’s GMP for Manba Finance IPO has dropped by around Rs 8 from Rs 64 recorded on September 23, when the issue opened for public subscription.

The bidding for Manba Finance IPO, which comprises an entirely fresh issue of 12,570,000 shares, available at a price band of Rs 114-120, and a lot size of 125 shares, will conclude today.

Investors can bid for a minimum of 125 shares of Manba Finance and in multiples thereof. A retail investor requires a minimum amount of Rs 15,000 to bid for one lot or 125 shares of Manba Finance IPO. The basis of allotment of Manba Finance shares is expected to take place on Thursday, September 26, 2024, and subsequently, the company’s shares will be credited into demat accounts on Friday, September 27, 2024.

Manba Finance shares are expected to list on the BSE and NSE on Monday, September 30, 2024. Manba Finance proposes to utilise the net proceeds from the IPO towards augmenting the capital base to meet the company’s future capital requirements.

Link Intime India is the registrar for Manba Finance IPO, while Hem Securities is the book-running lead manager of the public issue.

Should you subscribe to Manba Finance IPO?

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About Manba Finance

Founded in 1998, Manba Finance Limited is a non-banking finance company (NBFC-BL) specialising in tailored financial solutions. The company offers several services, including financing for new and electric two-wheelers (2Ws and EV2Ws), three-wheelers (3Ws and EV3Ws), used cars, small business loans, and personal loans. Manba Finance has branches in urban, semi-urban, and metropolitan cities and towns, serving the surrounding rural areas.