Manba Finance IPO Opens with Strong Subscription, Shares Trade at ₹60 Grey Market Premium

The IPO of Manba Finance Limited opened today, offering ₹150.84 crore worth of shares with a price band of ₹114 to ₹120 per share. The issue will remain open until September 25, 2024. The offering consists entirely of fresh shares, with proceeds going towards the company’s expansion. Bidders can apply in lots of 125 shares.

By mid-morning on the first day, the IPO was subscribed 4.78 times, with the retail portion subscribed 6.80 times. In the grey market, shares were trading at a premium of ₹60.

The likely allotment date is September 26, 2024, with shares expected to list on September 30, 2024, on both BSE and NSE. Link Intime India Private Limited is the registrar, and Hem Securities Limited is the lead manager.

Experts like Arun Kejriwal note that while the NBFC sector is competitive, the small issue size may drive a positive market response, making it suitable for high-risk investors looking for listing gains. Akriti Mehrotra recommends subscribing, citing Manba’s strong growth, increasing profitability, and plans for expansion in the two-wheeler, three-wheeler, and MSME lending markets.