Manba Finance makes strong stock market debut, lists at 25% premium

Manba Finance listing: Manba Finance shares made a strong stock market debut on Monday, September 30. Manba Finance stock opened for trading at Rs 150, marking an upside of 25 per cent from its initial public offering ( IPO ) price of Rs 120. On the National Stock Exchange, Manba Finance shares opened for trading at Rs 145, marking an upside of 21 per cent.

After staging a strong start, Manba Finance shares rose as much as 30.83 per cent from IPO price to hit an intraday high of Rs 157 on the BSE.

Manba Finance shares were in high demand during the share sale via IPO which ended on September 25 as the IPO was booked a whopping 224 times. The shares were in very high demand among the high net-worth individuals which fall under the category of non-institutional investors was booked 511.62 times. Pie set aside for qualified institutional buyers was booked 149 times and shares set aside retail investors was booked 144 times.

The IPO had a price band set between Rs 114 and Rs 120 per share an a retail investor was allowed to bid for minimum one lot of 125 shares up to maximum of 13 lots. One lot of Manba Finance shares was priced at Rs 15,000 at the upper end of the price band.

The company raised Rs 150.84 crore from the IPO which was purely fresh issue of shares. The company plans to utilise the proceeds from IPO for augmenting the capital base to meet the company’s future capital requirements.