Manba Finance IPO Allotment Out – Strong Market Signals Point to a 46% Premium on Listing Day

Manba Finance Ltd’s initial public offering (IPO) has seen a strong response from investors, and the share allotment process is now complete. Investors are now eagerly waiting for the company’s stock listing, which is expected to happen on Monday, September 30, 2024, following the ‘T+3’ rule.

Manba Finance IPO Grey Market Premium (GMP)

According to experts, the Manba Finance shares are showing positive signs in the grey market. As of today, the IPO GMP stands at ₹55 per share. This means that the shares are trading ₹55 higher than the IPO issue price in the unofficial market.

Given this premium, the estimated listing price of Manba Finance shares is around ₹175 per share, which reflects a strong 46% gain over the issue price of ₹120 per share.

Manba Finance IPO Details

The Manba Finance IPO was open for subscription from September 23 to 25, with an allotment date set for September 26. The shares will be listed on both the BSE and NSE exchanges. The IPO price band was set between ₹114 to ₹120 per share, and at the upper end of the range, the company raised ₹150.84 crore by issuing 1.26 crore fresh shares.

The funds raised from this IPO will be used to strengthen the company’s capital base and support future growth.

Manba Finance IPO Demand

Manba Finance’s IPO saw huge interest from investors, being oversubscribed by 224.10 times in total. The retail investor category was subscribed 144.03 times, the Qualified Institutional Buyers (QIB) category was subscribed 148.55 times, and the Non-Institutional Investors (NII) portion saw an impressive subscription of 511.65 times.

Hem Securities is the lead manager for this IPO, and Link Intime India Pvt. Ltd is managing the allotment process.