Manba Finance is set to make its stock market debut on September 30, 2024, after receiving overwhelming investor interest during its initial public offering (IPO) subscription period from September 23 to 25. The company saw its IPO oversubscribed by a massive 224 times, with particularly strong demand from non-institutional investors, where the subscription reached over 511 times. Retail investors also showed keen interest, with a subscription rate of 144 times.
The grey market premium (GMP) for Manba Finance shares is currently hovering between ₹55 and ₹65, suggesting a listing price of approximately ₹175 per share. This represents a potential 46% premium over the issue price, which was set at ₹120 per share at the upper end of the price band. Given the bullish sentiment in the grey market, investors are optimistic about a strong opening day on the BSE and NSE.
The IPO raised ₹150.84 crore entirely through fresh issues, with the company planning to use the proceeds to bolster its capital base. Manba Finance, a leading player in the automobile loan sector, has shown consistent growth in its financials, with an operating profit of ₹125.31 crore in FY24, up from ₹83.95 crore in FY23.
Investors who received allotments are eagerly awaiting the listing, which is expected to see robust demand and significant gains. The listing follows the T+3 listing rule, making September 30 a key date for market participants watching the debut of Manba Finance.
This IPO is being closely tracked due to its subscription success and the positive signals from the grey market ahead of the listing.
