Manba Finance raises over Rs 45 crore from anchor investors, IPO opens on September 23

Manba Finance IPO

Non-banking finance company Manba Finance has raised Rs 45.25 crore from eight institutional investors via its anchor book on September 20. The public issue will open for subscription on September 23.

The company targets to mobilise Rs 150.84 crore through fresh issue of 1.25 crore equity shares, the sole component in the initial public offering.

Chartered Finance & Leasing is the biggest investor in the anchor book, buying 8.33 lakh equity shares worth Rs 10 crore.

Other seven investors - Finavenue Capital Trust, Antara India Evergreen Fund, Belgrave Investment Fund, Meru Investment Fund, NAV Capital VCC, Rajasthan Global Securities, and Vikas India EIF I Fund picked 4.2 lakh shares each.

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Manba Finance in its filing to exchanges said it has finalised allocation of 37.71 lakh equity shares to anchor investors at a price of Rs 120 per equity share.

The price band for the issue has been fixed at Rs 114-120 per share. The maiden public offer will close on September 25.

The Maharashtra-based financial solutions provider will utilise IPO proceeds mainly for augmenting its capital base to meet future capital requirements.

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It provides loans for two-and-three-wheeler, and used cars, as well as small business and personal loans, having an AUM size of more than Rs 9000 crore as of March 2024.

Manba, one of the leading financiers for two and three wheelers, has reported net profit for the fiscal year 2024 at Rs 31.42 crore, rising significantly from Rs 16.58 crore in the previous fiscal. Revenue from operations increased to Rs 191.6 crore, from Rs 133.31 crore during the same period.

Hem Securities is the sole merchant banker to the issue.