Manba Finance Listing: Shares of Manba Finance Ltd made a strong debut on the stock market on Monday, listing at a 25 per cent premium over its issue price of Rs 120. The stock opened at Rs 150 on the BSE, registering an impressive 25 per cent surge from the issue price. It later hit the upper circuit limit of Rs 157.45, a 31.20 per cent rise. On the National Stock Exchange (NSE), the stock listed at Rs 145, reflecting a 20.3 per cent increase. It continued to gain momentum, rising 26.87 per cent to reach Rs 152.25, the highest permissible trading limit for the day.
The company's market capitalisation stood at Rs 791.02 crore following the stock's strong performance.
Manba Finance's initial public offering (IPO) had seen overwhelming investor interest, with the issue being subscribed a massive 223.12 times on its final day. The Rs 151-crore IPO involved the issuance of up to 1.25 crore equity shares, with a price band of Rs 114-120 per share.
The funds raised from the IPO will be used to strengthen the company’s capital base, supporting its future lending activities and general corporate purposes.
Manba Finance offers a range of financial solutions, including auto loans, used car financing, small business loans, and personal loans. The company operates across 66 locations in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.
On September 20, Manba Finance secured Rs 45.25 crore from eight institutional investors through its anchor book. Chartered Finance & Leasing emerged as the largest participant, acquiring 8.33 lakh shares valued at Rs 10 crore. The remaining seven investors, including Finavenue Capital Trust and Antara India Evergreen Fund, each purchased 4.2 lakh shares.
Meanwhile, Sensex and Nifty, on Monday plunged sharply amid foreign fund outflows, mainly due to weak Asian cues. Japan's Nikkei index about 5 per cent. At 10.25 am, the BSE Sensex slumped 755 points to 84,815. On the other hand, the NSE Nifty50 was trading at 25,962, declining 217 points.
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