Manba Finance IPO Sees Stellar 73.18 Times Subscription on Second Day

Manba Finance Ltd's initial public offer (IPO) garnered massive interest, being subscribed 73.18 times on the second day of the share sale. The Rs 151-crore IPO received bids for over 64 crore shares against 87.99 lakh shares available, driven by high non-institutional investor and retail investor participation.

Manba Finance Ltd's initial public offer (IPO) witnessed overwhelming demand, being subscribed 73.18 times on the second day of the share sale on Tuesday.

According to NSE data, the Rs 151-crore IPO received bids for 64,39,20,375 shares against 87,99,000 shares on offer. The segment for non-institutional investors was subscribed 172.23 times, while Retail Individual Investors (RIIs) showed 70.18 times subscription. Qualified Institutional Buyers (QIBs) contributed a 4.15 times subscription.

On the first day of bidding on Monday, the IPO had seen 23.67 times subscription. The offer includes a fresh issue of up to 1,25,70,000 equity shares, with a price range of Rs 114-120 per share, and will conclude on September 25.

Proceeds from the IPO are planned to bolster the company's capital base, supporting future lending activities and general corporate purposes. Hem Securities is managing the offer.

Manba Finance specializes in providing financial solutions for auto loans, used cars, small business loans, and personal loans, operating across multiple states including Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.