Manba Finance Limited, a Mumbai-based non-banking financial company (NBFC), is set to launch its Initial Public Offering (IPO) on Monday, September 23, 2024. The price band for the IPO has been set between ₹114 and ₹120 per equity share, with the offering closing on Wednesday, September 25, 2024. Investors can bid for a minimum of 125 shares and in multiples thereafter.
The IPO is entirely a fresh issue of up to 1.25 crore equity shares, with no offer for sale component. The proceeds from the IPO will be used to strengthen the company’s capital base and support future growth.
Manba Finance, founded in 1998, offers a variety of financial products, including loans for new and electric two-wheelers, three-wheelers, used cars, small businesses, and personal loans. The company operates across six states and has 66 locations, servicing both urban and rural areas.
As of FY24, Manba Finance had assets under management (AUM) of ₹936.85 crore, a 37.46% CAGR growth since FY22. The company posted a profit of ₹31.41 crore in FY24, marking an 89.50% increase compared to the previous year.
Hem Securities Limited is the lead manager for the issue, and Link Intime India Private Limited is the registrar.
