Manba Finance IPO Allotment Expected Today Amidst Strong Oversubscription

The allotment status of Manba Finance‘s Initial Public Offering (IPO) is anticipated to be finalized today, on September 26, 2024. The public issue, which concluded its subscription period on September 25, 2024, was met with overwhelming interest from investors, being oversubscribed 224.10 times. The IPO saw a particular surge in demand from non-institutional investors, who applied for 511.65 times the allotted shares, while Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs) showed significant interest as well, subscribing 148.55 and 144.03 times respectively, according to data from the NSE.

Investors can ascertain their allocation status by accessing either the official websites of BSE and NSE or through Link Intime India Private Ltd., the designated registrar for this IPO. To check the status on the BSE website, investors should select ‘Equity’ under the Issue Type, choose ‘Manba Finance Limited’ from the dropdown menu, enter their application number or PAN, complete the CAPTCHA verification, and then click on the search button. Similarly, checking through the registrar requires choosing ‘Manba Finance Limited’ from the company menu and providing the necessary details such as PAN or application number.

In the grey market, Manba Finance’s shares continue to exhibit a robust premium, reportedly trading at a gain of Rs 58 to Rs 60, or 48.33% to 50% above the IPO’s upper price band of Rs 120. This strong grey market premium suggests a potentially favorable listing outcome, placing the expected debut price around Rs 178 to Rs 180 per share when the shares begin trading on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 30, 2024.

Manba Finance, a non-banking financial company, focuses on providing financial solutions for vehicles and personal loans. The company’s IPO included a fresh issuance of 12,570,000 shares with a price band of Rs 114 to Rs 120 and required investors to purchase in lots of 125 shares. The IPO’s proceeds, amounting to an estimated Rs 150.84 crore, are intended to strengthen the company’s capital base to support future financial requirements.

Hem Securities acted as the book-running lead manager for the IPO, which recorded significant interest across various categories of investors. The company will allocate shares to successful subscribers by September 27, 2024, with refunds to unsuccessful bidders processed on the same day, according to the company’s announcements.