Mumbai-based Manba Finance Limited, a non-banking financial company (NBFC) which is engaged in loans for new and electric vehicles, small businesses, and personal finance, has raised Rs 45.25 crores from anchor investors ahead of its upcoming Initial Public Offering (IPO).

The IPO, which is set to open on Monday, September 23, 2024, plans to generate Rs 150.84 crores at the upper end of the price band.

Anchor Investors

The company has garnered a range of prominent anchor investors, securing their participation by allocating 37,71,000 equity shares at Rs 120 per share on Friday, September 20, 2024.

Among the investors are well-known institutions include Finavenue Capital Trustfinavenue Growth Fund, Anrara India Evergreen Fund, Belgrave Investment Fund, Meru Investment Fund PCC-Cell 1, Nav Capital Emerging Star Fund, Rajasthan Global Securities Private Limited, and Vikasa India EIF I Fund - Incube Global Opportunities.

IPO Details and Price Band

The public issue is entirely a fresh issue of up to 1,25,70,000 shares, with no offer for sale (OFS) component.

Furthermore, the price band for the issue is set Rs 114 and Rs 120 per share.

The IPO will be open for bidding from September 23 to September 25, 2024, with investors able to bid for a minimum of 125 shares and in multiples thereafter.

How the IPO Will Be Allocated

The issue follows a book-building process, with shares distributed across various investor categories:

Qualified Institutional Buyers (QIBs): Up to 50 per cent

Non-Institutional Bidders (NIBs): At least 15 per cent

Retail Individual Bidders (RIBs): At least 35 per cent

This allocation structure ensures that a wide range of investors, from large institutions to retail participants, can partake in the IPO.

Key Players in the IPO

The IPO is managed by Hem Securities Limited, the sole book-running lead manager, while Link Intime India Private Limited serves as the registrar for the issue