New Delhi : Manba Finance Ltd's shares debuted on Monday at a 25 per cent premium compared to the offering price of Rs 120. The stock was listed at Rs 150, showing a 25 percent increase from the issue price on the BSE. Afterwards, it surged by 31.20 percent to reach Rs 157.45, hitting the maximum limit for trading. The company's shares listed at Rs 145 at the NSE have surged by 20.3 per cent. The stock saw a later increase of 26.87 pc to reach Rs 152.25, which was the maximum allowable trading limit.
The company was valued at Rs 791.02 crore in the market. Reflecting a high level of involvement from investors, Manba Finance's initial public offering saw an impressive 223.12 times oversubscription during the final day of the share sale on Wednesday. The new Rs 151-crore public offering included a maximum of 1,25,70,000 new equity shares. The offer was priced between Rs 114 and Rs 120 per share.
The funds raised will be used to increase the company's capital for future lending needs and other business purposes. Manba Finance offers financial options for car financing, pre-owned vehicles, small business financing, and personal financing. At present, it is functioning in 66 places in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh to produce, lure investments and boost exports.
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