Manba Finance IPO: Manba Finance IPO will be listed in the stock market tomorrow on Monday. The company’s shares will be listed on both BSE and NSE. Let us tell you that this is the IPO of Mainboard and this issue was open for investment from 23 September to 25 September. The price band of Manaba Finance IPO was fixed at ₹114 to ₹120 per share. This share was subscribed 223.12 times in three days. The shares of the company have been alloted. However, the tension of the investors who have been allotted these shares has increased because its price is continuously falling in the gray market and now it is indicating flat listing.
What’s going on GMP?
According to Investorgain.com, the company’s shares are continuously falling in the gray market. Today this share is available in the gray market at a premium of Rs 38. Earlier on Saturday also it was available at the price of Rs 38 only. Its GMP on September 27 was ₹40 and on September 26 it was ₹56. Earlier its GMP was ₹58 on 25th and ₹64 on 23rd September. Now in such a situation, the fear of flat listing is troubling the minds of investors. Let us tell you that the company had raised ₹ 150.84 crore from the book-built issue, which included entirely new issues of 1.26 crore shares.
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What are the other details
The Company proposes to utilize the net issue proceeds towards increasing the capital base to meet the future capital requirements of the Company. Hem Securities is the book running lead manager of the Manaba Finance IPO, while Link Intime India Pvt Ltd is the IPO registrar. Manaba Finance provides financial solutions for vehicle loans, used cars, small business loans and personal loans. It is currently operational at 66 locations in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh.