Manba Finance is scheduled to finalize the basis of allotment of its shares on Friday, September 26. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate by Friday, September 24 or over the weekend. The Mumbai-based shadow lender had received a bumper response from the investors.
The IPO of Manba Finance was open for bidding between September 23 and September 25. It had offered its shares in the 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 a fresh share sale of up to 1,25,70,000 equity shares.
The issue was overall subscribed a stellar 224.10 times. The allocation for non-institutional investors was booked a whopping 511.65 times. The quota for qualified institutional bidders (QIBs) was subscribed 148.55 times. The portions reserved for retail investors saw bidding for 144.03 times during the five-day bidding process.
Grey market premium (GMP) of Western Carriers India has seen some correction higher despite a bumper bidding for the issue amid the volatile market sentiments. Last heard, the company was commanding a premium of Rs 58-60 per share, suggesting a listing pop of nearly 50 per cent for the investors. However, it was around Rs 64-65 on the first day of the bidding.
Established in 1998, Manba Finance is a non-banking finance company (NBFC) offering financial solutions for new two-wheelers (2Ws), three-wheelers (3Ws), electric two-wheelers (EV2Ws), electric three-wheelers (EV3Ws), used cars, small business loans and personal loans.
Brokerage firms mostly had a positive view on the issue and suggested subscribing to it on the back of strong financials, rising demand of loans and proposed expansion of the business. However, rising cost of capital and increased bad loans are the key concerns for the company.
Hem Securities is the sole book running lead manager of the Manba Finance IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Monday, September 30 as the tentative date of listing on the bourses.
Investors, who had 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 the issue type, click Equity
3) Under the issue name, select Manba Finance Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
1) Go to the web portal of Link Intime Limited
2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
