Manba Finance IPO Oversubscribed 23.67 Times on Day 1

New Delhi, Sep 23 (PTI) The initial public offer of Manba Finance Ltd received 23.67 times subscription on the first day of bidding on Monday.

The Rs 151-crore initial share sale of the Non-Banking Finance Company (NBFC) received bids for 20,82,50,750 shares against 87,99,000 shares on offer, according to the NSE data.

The category for non-institutional investors fetched 43.09 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 27.52 times. The Qualified Institutional Buyers (QIBs) portion received 2.36 times subscription.

The initial public offer (IPO) has a fresh issue of up to 1,25,70,000 equity shares. Price range for the offer is Rs 114-120 per share.

The initial share sale will conclude on September 25.

Proceeds from the issues will be utilized to augmenting the capital base to meet the company's future capital requirements towards onward lending and for general corporate purposes.

Hem Securities is the manager to the offer.

Manba Finance provides financial solutions for auto loans, used cars, small business loans and personal loans. It currently operates across 66 locations in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh.