The IPO for Manba Finance, a Mumbai-based NBFC that finances two and three wheelers, has been subscribed 224 times. The company that aimed to mobilise £15.1 mn now has a demand for its shares worth nearly £2.4 bn. This is excluding the £4.5 mn worth of shares allotted to anchor investors.
High net worth investors were the biggest applicants in Manba Finance’s IPO, with the portion reserved for this group subscribed 512 times, data on BSE showed. The part reserved for institutional investors was subscribed 149 times while the one reserved for retail investors was subscribed 144 times. The price band for the IPO, that closed last week, was Rs 114 to Rs 120 per share. The stock is expected to list on BSE and NSE on Sept 30.
Of late, there has been unprecedented rush for IPOs in India. The IPO scene picked up during the later years of the pandemic, in the second half of 2021, and has been showing a strong trend that is often referred to as a ‘frenzy’. Compared to nearly £7.31 bn raised in 2023 from 61 main board IPOs, these offers have together mobilised funds worth nearly £8.49 bn so far in 2024, industry data showed.
The rush to buy stocks in an IPO is currently as widespread in the SME segment also. Recently, a two-wheeler dealership with two showrooms and eight employees got bids worth £480 mn for a £1.2 mn offer.
