Manba Finance Ltd. IPO to Open on September 23, 2024, with Price Band ₹114-₹120

 

Mumbai: "Manba Finance Limited", an NBFC specializing in financing two-wheelers (2Ws), three-wheelers (3Ws), electric vehicles (EV2Ws & EV3Ws), used cars, small business loans, and personal loans, has announced the price band of ₹114 to ₹120 per equity share for its upcoming Initial Public Offering (IPO).

The IPO will open for subscription on Monday, September 23, 2024, and close on Wednesday, September 25, 2024. Investors can bid for a minimum of 125 equity shares and in multiples thereafter.

The IPO consists of a fresh issue of 1.25 crore shares, with no offer for sale component. The funds raised will be used to boost Manba Finance’s capital base to support future growth.

Founded in 1998 in Mumbai, Manba Finance operates across 66 locations and 29 branches in 6 states (Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh). The company works with over 1,100 dealers, including 190 EV dealers, offering quick loan processing for both salaried and self-employed individuals. New vehicle loans comprise 97.90% of its portfolio, with an average ticket size of ₹80,000 for two-wheelers and ₹1,40,000 for three-wheelers.

Manba Finance's AUM grew from ₹495.83 crore in FY22 to ₹936.86 crore in FY24, a CAGR of 37.46%. The company recorded a profit of ₹31.41 crore in FY24, an increase of 89.50% compared to the previous year. Revenue also surged by 43.71%, reaching ₹191.59 crore.

The IPO allocation will be structured with 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail individual investors (RIIs).