Manba Finance's IPO received an overwhelming response, with bids exceeding the offer by 223.12 times. The IPO, valued at Rs 151 crore, saw strong participation from all investor categories.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Sep 25 (PTI) Mirroring strong investors' participation, the initial public offer of Manba Finance received a whopping 223.12 times subscription on the closing day of share sale on Wednesday.
The Rs 151-crore initial share sale received bids for 1,96,32,02,000 shares against 87,99,000 shares on offer, as per NSE data.
The portion for non-institutional investors received a mammoth 510.89 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 148.55 times. The Retail Individual Investors (RIIs) quota garnered 142.40 times subscription.
The Initial Public Offer (IPO) of Manba Finance Ltd received 23.67 times subscription on the first day of bidding on Monday.
The IPO has a fresh issue of up to 1,25,70,000 equity shares. The price range for the offer is Rs 114-120 per share.
Proceeds from the issues will be utilised to augment 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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback