Manba Finance will start accepting bids for its maiden offer today. The initial public offering (IPO) of the firm will remain open for the public from September 23-25, 2024. The firm intends to raise Rs 150.84 crore from the public issue through an offer of fresh issue of 12,570,000 shares.
The IPO has been priced in the range of Rs 114-120 and has a minimum lot size of 125 shares. As such, investors will be able to place their bids for a minimum of 125 shares and in multiples of thereafter.
The allotment of shares in the issue will be done on September 26, 2024, following which the company will make its debut in the stock market on September 30, 2024. The shares of the firm will list on both the BSE and NSE.
Grey Market Premium Today
The minimum amount required for a retail investor to bid for the IPO is Rs 15,000. The issue is currently commanding a premium of 46 per cent in the grey market. The grey market is an unofficial market that runs parallel to the stock market and provides investors a platform to trade shares or applications before they are officially launched on the exchanges. The Grey Market Premium (GMP) is used to understand how investors are reacting towards the IPO. A strong premium in the grey market indicates positive sentiments amongst investors regarding the IPO.
The firm intends to utilise the funds raised from the issue towards expanding its capital base to cater to the future requirements of the company. Ahead of the IPO, the company raised more than Rs 45 crore from anchor investors.
Based out of Mumbai, Maharashtra, the company is a non-banking financial company-base layer (NBFC-BL) that provides financial solutions for new two-wheelers, three-wheelers, electric vehicles, small business loans, personal loans, and used card. It operates across 65 locations connected to 28 branches spread in 5 states in Western, Central, and NorthernIndia.
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