Manba Finance IPO opens on Monday. What GMP signals ahead of subscription?
IPO) of Mumbai-based non-banking financial company (NBFC) Manba Finance is set to open for public subscription on September 23 and will close on September 25. Ahead of the issue, the grey market premium (GMP) for Manba Finance was around Rs 55-60, suggesting a 46% premium over the issue price.
The price band for the IPO has been fixed at Rs 114-120 a share.
The IPO is entirely a fresh issue of up to 1,25,70,000 shares with no offer-for-sale component. The total size of the Rs 151 crore issue has been calculated based on the price at the upper band.
The company intends to use the proceeds from the fresh issuance to augment its capital base and meet future capital requirements.
The issue will be made through the book-building process, wherein not more than 50% of the issue will be allocated to qualified institutional buyers (QIBs), not less than 15% to non-institutional investors (NIIs), and not less than 35% to retail investors.
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