Manba Finance IPO: Price Band Fixed at INR 114–120 per Share, Check Important Dates and Other Details Here
Non-banking Finance Company (NBFC) Manba Finance Ltd on Wednesday said it has fixed a price band of Rs 114 to Rs 120 per share for its Rs 151-crore initial public offering (IPO). The initial share-sale will open for public subscription on September 23 and conclude on September 25, the company announced.
New Delhi, September 18: Non-banking Finance Company (NBFC) Manba Finance Ltd on Wednesday said it has fixed a price band of Rs 114 to Rs 120 per share for its Rs 151-crore initial public offering (IPO). The initial share-sale will open for public subscription on September 23 and conclude on September 25, the company announced.
Manba Finance's IPO is entirely a fresh issue of up to 1.26 crore shares worth Rs 151 crore at the upper end of the price band. At present, promoters hold 100 per cent stake in the Maharashtra-based Manba Finance. 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. Bajaj Housing Finance IPO 2024: Investors Should Be Cautious To Enter in Bajaj Housing Finance at Current Entry Price, Says Experts After Company’s Stellar Debut.
The company said that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors, and the remaining 15 per cent shares for non-institutional investors. Further, investors can bid for a minimum of 125 equity shares and in multiples of 125 equity shares thereafter. Manba Finance provides financial solutions for auto loans, used cars, small business loans and personal loans. It currently operates across 66 locations in six states -- Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh. Stock Market Today: Indian Market Opens Flat, Cautious Ahead of Fed Rate Cut Decision Tonight; Nifty 50 Drops 16.15 Points, Sensex Down by 42.53 Points.
Its Assets Under Management (AUM) increased to Rs 936.85 crore in FY24 from Rs 495.82 crore in FY22 with a CAGR of 37.5 per cent. Manba Finance's profit surged 89.5 per cent to Rs 31.41 crore in the financial year 2023-24, from Rs 16.58 crore in the previous year. Besides, revenue grew 44 per cent to Rs 191.58 crore during FY24 from Rs 133.32 crore. Hem Securities is the sole lead manager to the issue.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)