Manba Finance IPO subscribed 73.18 times on Day 2 amid heavy demand from institutional investors

New Delhi: The initial public offer of Manba Finance Ltd was subscribed 73.18 times on the second day of the share sale on Tuesday.

The Rs 151-crore initial share sale received bids for 64,39,20,375 shares against 87,99,000 shares on offer, as per NSE data.

The portion for non-institutional investors got subscribed 172.23 times while the category for Retail Individual Investors (RIIs) attracted 70.18 times subscriptions. The quota for Qualified Institutional Buyers (QIBs) garnered 4.15 times the subscription.

The initial public offer of Manba Finance Ltd received 23.67 times subscription on the first day of bidding on Monday.

The initial public offer (IPO) has a fresh issue of up to 1,25,70,000 equity shares. The price range for the offer is Rs 114-120 per share.

The IPO will conclude on September 25.

Proceeds from the issues will be utilised to augment the capital base to meet the company's future capital requirements towards onward lending and for general corporate purposes.

Hem Securities is the manager of the offer.

Manba Finance provides financial solutions for auto loans, used cars, small business loans and personal loans. It currently operates across 66 locations in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh.