Unstoppable Surge: Manba Finance IPO Skyrockets with 73.18X Subscription on Day 2 Amid Frenzied Demand!
Manba Finance IPO Subscribed 73.18 Times on Second Day
The initial public offering (IPO) of Manba Finance Ltd was highly sought after, getting subscribed 73.18 times by the second day of the share sale on Tuesday. According to NSE data, the Rs 151-crore offering attracted bids for 64,39,20,375 shares against the 87,99,000 shares available.
Investor interest was particularly strong among non-institutional investors, with that segment receiving 172.23 times subscription. Meanwhile, Retail Individual Investors (RIIs) subscribed 70.18 times, and Qualified Institutional Buyers (QIBs) saw a subscription rate of 4.15 times.
This follows an already impressive first day, where the IPO was subscribed 23.67 times. The offer includes a fresh issue of up to 1,25,70,000 equity shares, with a price range set between Rs 114-120 per share.
Proceeds from the IPO will be used to strengthen the company’s capital base to meet future lending needs and general corporate purposes. The offering is managed by Hem Securities and is set to conclude on September 25.
Manba Finance provides an array of financial solutions, including auto loans, used car financing, small business loans, and personal loans. The company operates in 66 locations across Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.
Original Story https://www.business-standard.com/markets/ipo/manba-finance-ipo-subscribed-73-18-times-on-day-2-amid-heavy-demand-124092400938_1.html
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