Manba Finance is scheduled to finalise the basis of allotment of its shares on Friday, September 26. Bidders will get messages, alerts or emails for debit of their funds or revocation of their IPO mandate by Friday, September 24 or by the weekend. The Mumbai-based shadow lender had received a great response from investors. Manba Finance’s IPO was open for bidding between September 23 and September 25. It had offered its shares in a fixed price band of Rs 114-120 per share with a lot size of 125 shares. The company raised a total of Rs 150.84 crore from its IPO, which included fresh share sale of 1,25,70,000 equity shares.
The issue was subscribed 224.10 times overall. Allotment for non-institutional investors was booked 511.65 times. The quota for qualified institutional bidders (QIBs) was subscribed 148.55 times. The portion reserved for retail investors saw bids of 144.03 times during the five-day bidding process.
Despite the bumper bidding for the issue amid volatile market sentiments, the grey market premium (GMP) of Western Carriers India has seen some improvement. The company was last heard at a premium of Rs 58-60 per share, indicating a listing pop of around 50 per cent for investors. However, it was around Rs 64-65 on the first day of bidding.
Founded in 1998, Manba Finance is a non-banking finance company (NBFC) that offers financial solutions for new two-wheelers (2W), three-wheelers (3W), electric two-wheelers (EV2W), electric three-wheelers (EV3W), used cars, small business loans and personal loans.
Brokerage firms took a mostly positive stance on the issue and suggested subscribing to it based on strong financials, rising demand for loans and proposed expansion of business. However, rising cost of capital and increase in bad loans are the main concerns for the company.
Hem Securities is the sole book running lead manager for the Manba Finance IPO while Link Intime India is the registrar for the issue. The company’s shares will be listed on both BSE and NSE and Monday, September 30 is the likely date of listing on the stock exchanges.
Investors who have bid for the issue of Manba Finance can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under Issue Type, click on Equity
3) Under Issue Name, select Manba Finance Limited in the dropbox
4) Enter the Application Number
5) Add PAN Card ID
6) Click on ‘I am not a robot’ and press the Search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), which is the registrar to the issue.
The Registrar is a SEBI-registered entity, qualified to act as such and which electronically processes all applications as per the prospectus and completes the allotment process. It is responsible for adhering to the deadlines for updating, sending and uploading refunds and for answering all investor-related queries after the issuance. 1) Visit the web portal of Link Intime Limited
2) Select the IPO/FPO in the dropbox whose name will be populated only when the allotment is finalized
3) You may need to choose one of the three modes: Application Number, Demat Account Number, or PAN ID4) In Application Type, select between ASBA and Non-ASBA
5) Enter the details of the mode you chose in step 2
6) For security purposes, fill in the captcha accurately
7) Click on Submit.
