Manba Finance Raises ₹45.25 Crore from Anchor Investors Ahead of IPO

23 Sep 2024 , 09:22 AM

Manba Finance, a non-banking finance company (NBFC) has raised ₹45.25 Crore from eight institutional investors through its anchor book on September 20, ahead of its upcoming initial public offering (IPO). The public issue has now opened for the subscription and will conclude on September 25.

The company aims to mobilize ₹150.84 Crore by offering 1.25 Crore fresh equity shares, the only component in the IPO.

Chartered Finance & Leasing emerged as the biggest investor in the anchor round, acquiring 8.33 lakh equity shares valued at ₹10 Crore. Additionally, seven other investors—Finavenue Capital Trust, Antara India Evergreen Fund, Belgrave Investment Fund, Meru Investment Fund, NAV Capital VCC, Rajasthan Global Securities, and Vikas India EIF I Fund—each picked up 4.2 lakh shares.

In its filing to the exchanges, Manba Finance confirmed the allocation of 37.71 lakh equity shares to anchor investors at a price of ₹120 per share.

The price band for the IPO has been set at ₹114-120 per share, with the public offering scheduled to close on September 25.

Maharashtra-based Manba Finance aims to use the IPO proceeds primarily to increase its capital base, which will help meet future capital requirements.

The company offers loans for two-and-three-wheelers, used cars, and provides small business and personal loans. As of March 2024, its assets under management (AUM) have surpassed ₹9,000 Crore.

Manba Finance is one of the key players in the two and three-wheeler financing market. For the fiscal year 2024, the company reported a net profit of ₹31.42 Crore, a significant increase from ₹16.58 Crore in the previous year. Its revenue from operations grew to ₹191.6 Crore, up from ₹133.31 Crore during the same period.

Hem Securities is the sole merchant banker managing the IPO.