The recent initial public offering (IPO) of Manba Finance has made waves in the market, showcasing an incredible response from investors. Launched on September 23, 2024, the IPO received overwhelming interest, particularly from retail and non-institutional investors, leading to record oversubscription.
IPO Overview
Manba Finance, a Mumbai-based financial services company, set its IPO price band between ₹114 and ₹120 per share, aiming to raise approximately ₹150.84 crore through the sale of 1,25,70,000 equity shares. The offer was open for bidding until September 25, 2024, with a minimum bid lot of 125 shares.
Subscription Status: Day 1 Highlights
The response on the first day of the bidding process was nothing short of phenomenal. By 12:30 PM, the IPO was already oversubscribed by 9.21 times, with the Non-Institutional Investors (NII) component booked 13 times and retail investors showing an impressive subscription rate of 12.65 times. As the bidding continued, the subscription numbers skyrocketed, reflecting the high demand for shares of Manba Finance.
Final Subscription Figures
By the close of the bidding on September 25, the IPO was oversubscribed by an astounding 224.05 times overall. Here’s a breakdown of the subscription numbers:
- Retail Investors: 143.95 times
- Non-Institutional Investors (NIIs): 511.62 times
- Qualified Institutional Buyers (QIBs): 148.55 times
Such massive interest underscores the market’s confidence in the company’s potential growth and performance.
Grey Market Premium (GMP)
On the day the IPO opened, the grey market premium (GMP) was reported at ₹60, suggesting a potential listing price of around ₹180 per share, assuming the upper price of ₹120 is considered. This implies a projected gain of 50% for investors upon listing, further fueling enthusiasm.
Allotment and Listing
The allotment of shares was finalized on September 26, 2024, with a provisional listing date set for September 30, 2024, on both the BSE and NSE. This swift allotment process highlights the efficient handling of the IPO by Manba Finance and its underwriters.
The success of Manba Finance’s IPO is a testament to the strong appetite for financial service companies among investors, especially in a burgeoning market landscape. With its impressive oversubscription figures and anticipated robust listing performance, Manba Finance is poised for a promising future in the stock market. As we await the listing, investors are keen to see how the company capitalizes on this momentum to achieve its growth objectives.
For those who participated in the IPO, this could be an exciting opportunity to watch as Manba Finance embarks on its journey as a publicly traded entity. Stay tuned for updates on its performance post-listing!
Disclaimer: This blog is for informational purposes only and should not be considered financial advice. Investing in the stock market involves risks, and past performance is not indicative of future results. Readers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. The author does not hold any shares in Manba Finance and is not responsible for any financial losses incurred from investments based on this information.
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