Manba Finance IPO Allotment: Latest Updates and Key Details
Manba Finance has made waves in the market with its recent Initial Public Offering (IPO), which saw an overwhelming subscription rate. The IPO was open from September 23 to September 25, 2024, with a price band of Rs 114-120 per share and a lot size of 125 shares. The company managed to raise Rs 150.84 crore through this offering, which consists of 12.57 million fresh equity shares.
Oversubscription and Investor Interest
The Manba Finance IPO attracted immense interest from investors across various categories. The offering was oversubscribed by 224.10 times overall. Non-Institutional Investors (NIIs) led the demand with a subscription of 511.65 times their allotted shares, followed by Qualified Institutional Buyers (QIBs) at 148.55 times, and Retail Individual Investors (RIIs) at 144.03 times. This massive response reflects the growing investor confidence in the company's potential, despite volatile market conditions.
Allotment Status and How to Check
As of September 26, 2024, the allotment of shares has been finalized. Investors who participated in the IPO can now check the status of their application through several platforms. The allotment status can be checked online via the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE) websites, as well as through the registrar for the issue, Link Intime India Pvt Ltd. Here’s a step-by-step guide for checking the status:
1. Visit the BSE website or the Link Intime portal.
2. Select "Equity" as the issue type.
3. Enter the Manba Finance IPO name from the drop-down menu.
4. Input your application number or PAN details.
5. Click on "Submit" to view your allotment status.
Investors will receive an email or SMS notification regarding the allotment, and refunds or successful share credits will reflect in their respective accounts shortly after.
Grey Market Premium (GMP) and Expected Listing
One of the key metrics used by investors to gauge the performance of an IPO post-allotment is the Grey Market Premium (GMP). As of September 26, 2024, the GMP for Manba Finance shares was reported at Rs 58, suggesting a listing premium of nearly 50% over the upper price band of Rs 120 per share. If this trend holds, Manba Finance shares are expected to list at around Rs 178 per share when trading begins on September 30, 2024
About Manba Finance
Manba Finance is a non-banking financial company (NBFC) based in Mumbai, specializing in vehicle loans, including for two-wheelers, three-wheelers, electric vehicles, and used cars. It also offers small business and personal loans. The company’s long-standing presence since 1996 in the auto financing sector has positioned it as a trusted financial partner, especially in the two-wheeler market
Market Outlook and Investor Sentiment
The stellar subscription rates for the Manba Finance IPO underscore strong investor sentiment toward the company and the broader financial sector. The strong GMP hints at a successful listing, potentially offering significant short-term gains for investors. However, it's essential to remain mindful of market volatility, which could influence the stock's performance post-listing.
With the IPO allotment concluded and listing expected soon, Manba Finance is poised for a solid debut on the stock exchanges, making it a company to watch in the coming months.
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