Manba Finance after decent listing gains settled 31% higher on debut day

After drawing huge investor interest shares of Manba Finance listed on the bourses in Monday's session (September 30). The stock against the IPO issue price of Rs 120 [per share made its D-Street entry at Rs 150 per share on the BSE, implying a premium of 25 per cent. On the NSE, the stock started trade at Rs 145.3, a gain of over 21 per cent.

Nonetheless,the stock settled higher by over 31 per cent at Rs 157.45 per share on the BSE, while on the NSE the stock ended at Rs 152.25 per share on the BSE.

The issue which ran between September 23- September 25 got an overwhelming subscription to the tune of 224.1 times. Investors during the subscription period bid for 197.18 crore equity shares, compared to the offer size of 87.99 lakh equity shares, as per exchange data.

The huge subscription was led by the non-institutional investor class which bid for 511.65 times subscription, while QIBs bid for 148.55 times the shares on offer.

Manba Finance IPO included a fresh issuance of 1.26 crore shares, with the price range set between Rs 114 and Rs 120 per share.

The company aims to use the proceeds from the public issue towards augmenting its capital base to meet the company’s future capital requirements towards onward lending. And also for general corporate purposes.

Listing expectations and view of Anil Singhvi on listing for investors

Zee Business Managing Editor Anil Singhvi expected the stock to list at a listing price of Rs 140-150 per share against the issue price of Rs 120. The expert suggested investors to hold the stock with a stop loss of Rs 130 to protect their profit.

About Manba Finance 

Manba Finance is an NBFC company offering finance for used vehicles. The company also offers financing solutions for new two-wheelers, three-wheelers, electric two-wheelers, electric three-wheelers, used cars, small business loans, and personal loans.