Manba Finance IPO listing: Despite weak sentiments in the stock market, Manba Finance IPO made a great entry in the stock market.
Shares of Manba Finance were listed on the BSE on Monday at Rs 150, which is 25 percent higher than the IPO issue price of Rs 120. At the same time, shares of Manba Finance were listed on the NSE at Rs 145 at a premium of 20.83 percent.
With this spectacular listing, investors who were allotted shares of the company in the IPO have got a direct profit of about Rs 30 or 25 percent.
Listing price was slightly lower than grey market trends
However, the listing was slightly below grey market trends. In the grey market, unlisted shares of Manba Finance were trading at a premium of Rs 23, which works out to be 27.5 percent higher than the IPO issue price of Rs 120.
The company’s Rs 150.84 crore IPO was open for subscription from September 23 to September 25. The IPO price was fixed at Rs 114-120 per share.
The IPO got a strong response from investors
Manba Finance’s IPO received a strong response from investors. The IPO was subscribed 224.05 times overall. The IPO received bids for 197.14 crore shares against 87.99 lakh shares on offer.
The retail investors’ portion received the highest bids of 143.95 times. The non-institutional investors’ portion was booked 511.62 times. Apart from this, the quota of qualified institutional buyers (QIBs) was subscribed 148.55 times.
Where will the company use the funds
The company will use the net proceeds from this IPO to meet its capital requirements. Link Intime India is the registrar for the Manba Finance IPO and Hem Securities is the book-running lead manager for this public issue.
