Manba Finance shares debut with 25% premium, had received 223.12 times subscription

New Delhi: Shares of Manba Finance Ltd on Monday listed with a premium of 25 per cent against the issue price of Rs 120.

The stock listed at Rs 150, registering a surge of 25 per cent from the issue price on the BSE. Later, it jumped 31.20 per cent to Rs 157.45 -- the upper circuit limit.

At the NSE, shares of the firm listed at Rs 145, soaring 20.3 per cent. The stock later surged 26.87 per cent to Rs 152.25 -- the highest trading permissible limit.

The company's market valuation stood at Rs 791.02 crore.

Mirroring strong investors' participation, the initial public offer of Manba Finance received a whopping 223.12 times subscription on the closing day of share sale on Wednesday.

The Rs 151-crore initial share sale had a fresh issue of up to 1,25,70,000 equity shares. The price range for the offer was Rs 114-120 per share.

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.

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.