Manba Finance IPO subscribed 23.79x on day 1, NIIs bid highest; check subscription status, GMP, other key details

Manba Finance initial public offering (IPO) opened for subscription on Monday, September 23. The IPO was subscribed 23.79 times on the first day of bidding. The issue will remain open till September 25.

Manba Finance provides a range of financial services such as auto loans, used car loans, small business loans, and personal loans. It operates across 66 locations in six states: Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

Manba Finance IPO subscription status

Manba Finance IPO saw an impressive 23.79 times subscription on its first day of bidding, according to NSE data. The ₹150.84-crore share sale received bids for 20.92 crore shares, compared to the 87.99 lakh shares available.

The non-institutional investor portion was subscribed 43.18 times, while the qualified institutional buyers (QIBs) segment received 2.36 times the demand. Retail individual investors (RIIs) saw a subscription rate of 27.71 times.

Manba Finance IPO GMP

The shares of Manba Finance IPO are currently trading at a grey market premium (GMP) of approximately ₹64, reflecting a premium of over 53 percent in the unlisted market.

According to investorgain, the estimated listing price of Manba Finance is likely to be ₹184, against the IPO price of ₹120. The lowest GMP of Manba Finance IPO is ₹0, while the highest GMP is ₹64.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Manba Finance IPO details

The NBFC has set the price range for the Manba Finance IPO at ₹114 to ₹120 per equity share, with a face value of ₹10 per share.

Manba Finance's IPO consists of fresh issuance of up to 1.26 crore shares. The promoters currently own the entire 100 percent stake in the Maharashtra-based company. The funds raised from the IPO will be allocated to bolstering the capital base to support future lending requirements and for general corporate purposes.