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Manba Finance Limited IPO: Manba Finance Limited -BL provides financial solutions for new two-wheelers (2W), three-wheelers (3W), electric two-wheelers (EV2W), electric three-wheelers (EV3W), used cars, small business loans and personal loans NBFC. The company has fixed the price band of Rs 114-120 per equity share of Rs 10 for its initial public offering.
The company's initial public offering (IPO) will open for subscription on September 23, 2024 and close on September 25, 2024. Investors can bid for a minimum of 125 equity shares and in multiples of 125 equity shares thereafter. The IPO is entirely a fresh issue of 1,25,70,000 shares with no offer for sale component. The company is using the proceeds from its fresh issue to build a larger fund base to meet future capital requirements.
Manaba Finance started its business as an NBFC in 1998 from Mumbai, Maharashtra and has expanded its operations by increasing the number of branches and locations across the state since 2009. Its branches are located in urban, semi-urban and metropolitan cities and towns serving the surrounding rural areas. Based in Mumbai, Maharashtra, the company operates from 66 locations with 29 branches across six (6) states in Western, Central and Northern India. It has established tie-ups with over 1,100 dealers including over 190 EV dealers in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh. It has recently expanded its loan portfolio to used car loans, small business loans and personal loans and is looking to leverage its existing network to enter the market with its new products.