Recently, the record for Bajaj Housing Finance IPO was subscribed. According to statistics, investors showered their love on Bajaj Housing Finance IPO and it was subscribed 64 times. Now this record has also been broken. Investors have subscribed Manaba Finance IPO 73 times in two days. The special thing is that there is still one more day left for investors to place bets on the shares of this company. This means that Manba Finance Limited can be subscribed 80 to 90 times on the last day. The special thing is that the company has planned to raise Rs 151 crore through the IPO. While investors have spent more than Rs 11,000 crore on the offer.
Instead of Rs 151 crore, an offer of Rs 11 billion was made.
Manaba Finance Limited’s initial public offering (IPO) was subscribed 73.18 times till Tuesday, the second day of bidding. Non-banking financial company (NBFC) Manba Finance’s Rs 151 crore IPO received bids for 64,39,20,375 shares against the proposed offer of 87,99,000 shares, according to NSE data. This means that investors have staked over Rs 11,000 crore to achieve this IPO. What’s special is that there is still one more day left for subscription. After the end of the last day, this figure is likely to rise further.
How much is the issue price?
The non-institutional investors segment was subscribed 172.23 times while the retail individual investors (RII) segment was subscribed 70.18 times. The qualified institutional buyers (QIB) quota was subscribed 4.15 times. 1,25,70,000 new shares have been issued in the IPO. The price range for the IPO is Rs 114 to Rs 120 per share. The IPO will close on September 25. The special thing is that the issue price of Bajaj Finance was between Rs 66 and Rs 70. Then investors subscribed 64 Gullas. The issue price of Manba Finance is up to Rs 120. Even after that, the number of subscriptions increased more than 70 times a day before the close.
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Where will you spend the money?
The proceeds from the issue will be used to strengthen the capital base for future capital requirements of the company and for the general functioning of the company. Manaba Finance offers financial solutions for vehicle loans, used cars, small business loans and personal loans. It is currently operational in 66 locations across Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh.
