The initial public offer (IPO) of Manba Finance received 20,82,50,750 bids for shares as against 87,99,000 shares on offer, according to stock exchange data at 17:00 IST on Monday (23 September 2024). The issue was subscribed 23.67 times.
The issue opened for bidding on Monday (23 September 2024) and it will close on Wednesday (25 September 2024). The price band of the IPO was fixed between Rs 114 to 120 per share. An investor can bid for a minimum of 125 equity shares and in multiples thereof.
The initial public offer (IPO) consists of a fresh issue of 1.257 crore equity shares to raise Rs 143.30 crore at the lower band of Rs 143 per share (face value Rs 10 per share) and Rs 150.84 crore at the upper band of Rs 120 per share.
The net proceeds from the fresh issue will be used for augmenting the capital base to meet future capital requirements.
The promoter shareholding will decline to 75% post- IPO from 100% pre-IPO.
Ahead of the IPO, Manba Finance on Friday, 20 September 2024, raised Rs 45.25 crore from anchor investors. The board allotted 37.71 lakh shares at Rs 120 each to 8 anchor investors.
Manba Finance incorporated in 1996 is a Non-Banking Financial Company-Base Layer (NBFC-BL) providing financial solutions for new two-wheeler (2Ws) at 91.6% of AUM end March 2024, three wheeler (3Ws), used cars, small business loans and personal loans. Based out of Mumbai, the company has expanded operations to 66 locations connected to 29 branches across six states in western, central and north India.
The company has established relationships with more than 1,100 dealers, including more than 190 EV dealers, across Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh. Manba has also recently expanded the loan portfolio to Used Car Loans, Small Business Loans and Personal Loans and intend to leverage existing network to further penetrate the market with new products.
The firm reported a consolidated net profit of Rs 31.42 crore and income from operations of Rs 168.36 crore for the twelve months ended on 31 March 2024.