Mumbai4 days ago
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Today is the second day of investment in the Initial Public Offer i.e. IPO of Manba Finance Limited. Manaba Finance’s IPO was subscribed 24.12 times on the first day. The issue was subscribed 28.32 times in the retail category, 2.36 times in the Qualified Institutional Buyers (QIB) category and 43.34 times in the Non-Institutional Investors (NII) category.
25th September i.e. tomorrow is the last day of bidding for IPO. The company’s shares will be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 30. Manaba Finance wants to raise a total of ₹150.84 crore through this issue. For this, the company is issuing 12,570,000 fresh shares worth ₹ 150.84 crore. The existing investors of the company are not selling even a single share through Offer for Sale i.e. OFS.
If you are also planning to invest money in it, then we are telling you how much you can invest in it.
What is the minimum and maximum amount that can be invested?
Manaba Finance has fixed the price band of the issue at ₹114 to ₹120. Retail investors can bid for a minimum of one lot i.e. 125 shares. If you apply for 1 lot at the upper price band of IPO at ₹120, then you will have to invest ₹15,000.
Whereas, retail investors can apply for maximum 13 lots i.e. 1625 shares. For this, investors will have to invest ₹ 195,000 as per the upper price band.
35% of the issue reserved for retail investors
The company has reserved 50% of the issue for Qualified Institutional Buyers (QIB). Apart from this, 35% share is reserved for retail investors and the remaining 15% share is reserved for non-institutional investors (NII).
Manba Finance premium in gray market 53.33%
Before listing, the company’s shares have reached a premium of 53.33% i.e. ₹ 64 per share in the gray market. In such a situation, according to the upper price band of ₹ 120, its listing can be at ₹ 184. Although this can only be speculated, the listing price of a share is different from the gray market price.
Manba Finance is a non-banking finance company.
Manaba Finance Limited is a non-banking finance company, established in 1998. The company provides loans to two wheelers, three wheelers, electric two wheelers, electric three wheelers, used cars, small businesses as well as individual loans.
What is IPO?
When a company issues its shares to the general public for the first time, it is called Initial Public Offering i.e. IPO. The company needs money to expand its business. In such a situation, instead of taking loan from the market, the company raises money by selling some shares to the public or issuing new shares. For this the company brings IPO.