Manba Finance IPO: Price Band ₹114-₹120, Opens Sept 23

18 Sep 2024 , 01:02 PM

Manba Finance Ltd, a non-banking finance company (NBFC), has set the price range for its ₹151-Crore initial public offering (IPO) at ₹114 to ₹120 per share.

The IPO is scheduled to open for subscription on September 23 and will close on September 25. This IPO consists solely of a fresh issue of up to 1.26 Crore shares, aiming to raise ₹151 Crore at the upper price band. Currently, the promoters own 100% of the Maharashtra-based company.

Funds from the IPO will be used to strengthen the capital base to support future lending and for general corporate purposes.

The share allocation includes 50% reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors. Investors can bid for a minimum of 125 shares, with subsequent bids in multiples of 125 shares.

Manba Finance offers financial solutions including auto loans, used car loans, small business loans, and personal loans, with operations in 66 locations across six states: Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

The company’s Assets Under Management (AUM) grew to ₹936.85 Crore in FY24, up from ₹495.82 Crore in FY22, reflecting a 37.5% CAGR.

Profit surged by 89.5% to ₹31.41 Crore in FY24, compared to ₹16.58 Crore in the previous year, while revenue increased by 44% to ₹191.58 Crore. Hem Securities is the sole lead manager for the IPO.