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Manba Finance Ltd, a NBFC, recently launched its IPO. It opened on September 23 and witnessed the strong demand from investors across the board. The 3-day subscription period concluded on September 25, with oversubscription as a result of higher investor interest.
With the bidding period ended, the investors now await the allotment, which was likely today, September 26, 2024. The listing date of the IPO is September 30. It will be listed on the NSE and BSE, both stock exchanges.
Manba Finance was expected to fix the basis of the IPO allotment today. It will subsequently lead to the credit of shares in the eligible allottees' Demat account as of September 27. On the same day, the refunds too will be initiated for the unsuccessful bidders.
The IPO allotment status can be checked by the investors online via the BSE website/official IPO registrar’s (Link Intime India Private Ltd) portal.
Manba Finance's IPO aimed to raise Rs 150.84 crore via 1.26 crore fresh equity shares without the OFS component.
The price band was set at Rs 114 to 120 per share.
The company proposed using the new proceeds towards augmentation of the capital base to meet future capital requirements.
An overwhelming response was received from investors regarding the Manba Finance IPO. It was subscribed 224.10 times in total. The public issue was bought,
GMP trends further indicated high demand for the Manba Finance shares, which commanded stronger GMP in the unlisted market. As per the market observers, the IPO GMP as of September 26 is ₹60 per share. It means that within the grey market, the shares are trading higher by ₹60 per share than the issue price.
The trends and the issue price indicate the estimated listing price per share will be ₹180 per share (share price of ₹120 per share + 50%).
The book-running lead manager of the IPO is Hem Securities, while Link Intime India Private Ltd is the official IPO registrar for Manba Finance.
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