September 21, 2024
New Delhi, India
IPO Alert
Manba Finance Limited raised ₹45.25 crore from anchor investors on Friday, September 20, 2024, ahead of its initial public offering (IPO). The non-banking financial company (NBFC) allocated 37.71 lakh equity shares at ₹120 per share to anchor investors, including Chartered Finance & Leasing Limited, Finavenue Capital, and Belgrave Investment Fund.
The Manba Finance IPO, aiming to raise ₹150.84 crore, is scheduled to open for a three-day subscription starting Monday, September 23, 2024, and will remain open until Wednesday, September 25, 2024.
Key Details of Manba Finance IPO:
- Issue Size: ₹150.84 crore through a fresh issue of 1.257 crore equity shares.
- Price Band: ₹114 to ₹120 per share with a face value of ₹10.
- No Offer-for-Sale (OFS) component.
- Listing: Shares expected to debut on BSE and NSE on Monday, September 30, 2024.
- Lead Manager: Hem Securities Limited.
- Registrar: Link Intime India Pvt Ltd.
- Lot Size: Minimum bid for 125 shares and multiples thereafter.
Allocation Breakdown:
- Qualified Institutional Buyers (QIBs): 50% reserved.
- Non-Institutional Investors (NIIs): 15% reserved.
- Retail Investors: 35% reserved.
The allotment of shares is expected to be finalised by Thursday, September 26, 2024, with refunds initiated the same day. Successful bidders can expect shares to be credited to their demat accounts by Friday, September 27.
Company Overview:
Headquartered in Mumbai, Manba Finance Ltd is a Non-Banking Financial Company-Base Layer (NBFC-BL) that provides financing solutions for two-wheelers, three-wheelers, electric vehicles (EVs), used cars, and small business loans. Operating through 66 locations across six Indian states, the company serves urban, semi-urban, and rural markets.
As of March 31, 2024, Manba Finance’s assets under management (AUM) surpassed ₹900 crore, with 97.9% of its loan portfolio dedicated to new vehicle loans.
Key Competitors:
- Baid Finserv Ltd (P/E: 13.65)
- Arman Financial Services Ltd (P/E: 8.57)
- MAS Financial Services Ltd (P/E: 2.55)
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