Latest GMP for Manba Finance IPO: Key Updates and Subscription Status
The initial public offering (IPO) of Manba Finance saw overwhelming demand, being subscribed 23.8 times within hours of its opening. This strong interest reflects a positive sentiment in the market for this Non-Banking Financial Company (NBFC). The IPO is part of a strategy to raise ₹150.84 crore through a fresh issue of shares priced between ₹114 and ₹120 each.
Main Points
Full Details
Manba Finance IPO Subscription Status
The IPO opened for public subscription today and will remain available until September 25, 2024. By 1 PM on the first day, the subscription figures indicated robust participation:
- Non-Institutional Investors (NIIs): Subscribed 16.01 times
- Retail Individual Investors (RIIs): Subscribed 14.69 times
- Qualified Institutional Buyers (QIBs): Subscribed 1.50 times
The total number of bids received was for approximately 9.85 crore shares, significantly exceeding the 87.99 lakh shares available for public offer.
Manba Finance IPO Grey Market Premium (GMP)
As of today, Manba Finance shares are trading at a grey market premium (GMP) of around ₹64, which indicates a potential listing premium of over 53% above the upper price band of the IPO. This strong GMP suggests that investors are optimistic about the company’s future performance post-listing.
IPO Structure and Purpose
Manba Finance’s IPO consists entirely of a fresh issue of up to 1.26 crore shares, with no offer-for-sale component from existing shareholders. The funds raised will be utilized to strengthen the company’s capital base and support its future lending requirements. The company has allocated:
- 50% for Qualified Institutional Buyers
- 35% for Retail Investors
- 15% for Non-Institutional Investors
Investors can apply in lots of 125 shares, making the minimum investment approximately ₹15,000.
Company Overview
Manba Finance is headquartered in Mumbai and operates across six states in India, including Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh. The company specializes in offering various financial services such as:
- Auto loans
- Loans for used cars
- Small business loans
- Personal loans
In fiscal year 2024, Manba Finance reported significant growth in its financial metrics:
- Assets Under Management (AUM) rose from ₹495.82 crore in FY22 to ₹936.85 crore in FY24, marking a compound annual growth rate (CAGR) of approximately 37.5%.
- The company’s profit surged by 89.5%, reaching ₹31.41 crore compared to ₹16.58 crore in FY23.
- Revenue increased by 44%, climbing to ₹191.58 crore from ₹133.32 crore in the previous fiscal year.
Manba Finance IPO Market Sentiment
Analysts have mixed opinions regarding investment in the Manba Finance IPO:
- Some recommend subscribing with caution due to the company’s recent growth but advise careful consideration of market volatility.
- Others suggest that it may be suitable for long-term investors given its growth trajectory and expanding market presence.
Key Dates
The timeline for this IPO is crucial for potential investors:
- IPO Opening Date: September 23, 2024
- IPO Closing Date: September 25, 2024
- Allotment Date: Expected on September 26, 2024
- Listing Date: Scheduled for September 30, 2024 on BSE and NSE.
This IPO marks a significant entry into the public market for Manba Finance and reflects investor confidence in its business model and growth prospects.
