Sep 23, 2024
By: Sourabh Jain
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Mumbai-based Manba Finance’s initial public offering (IPO) is now open and will close on Wednesday, September 19.
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Manba Finance has fixed a price band of ₹114-₹120 per share for its public issue.
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Manba Finance is a Mumbai-based non-banking finance company (NBFC) offering auto loans, small business loans and personal loans.
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Manba Finance is looking to raise ₹150.84 crore from the current IPO. This is a completely fresh issue and there is no offer for sale (OFS) component.
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Investors can bid for a minimum of 125 shares and in multiples of 125 shares thereafter.
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Manba Finance, founded in 1998 offers loans for new vehicles, used cards, small business loans and personal loans. The company has partnerships with over 1,100 dealers and over 190 electric vehicle dealers.
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The company’s income was ₹191.63 crore in FY24, up from ₹133.32 crore in FY23. The company reported a profit of ₹31.42 crore in FY24, up from ₹16.58 crore profit reported in FY23.
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Loans for new vehicles form a major part of the company’s loans. Any downturn in the auto industry will have an adverse impact on the company’s business.
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The funds raised will be used to meet future capital requirements towards lending.
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