Manba Finance IPO Updates: GMP, Price, Review, Other Details of Upcoming IPO

Manba Finance IPO Updates: According to market observers, the NBFC's shares are available at a premium of ₹60 in the grey market today

Manba Finance IPO Updates

The initial public offering (IPO) of Manba Finance Limited will hit the Indian primary market on 23rd September 2024, i.e. tomorrow. The upcoming IPO will remain open for bidders until 25th September 2024, i.e. Wednesday next week. The Non-Banking Financial Company (NBFC) has fixed the Manba Finance IPO price band at ₹114 to ₹120 per equity share. The book build issue aims to raise 150.84 crore by issuing fresh shares.

Meanwhile, shares of the NBFC have become available for trade in the grey market ahead of the issue opening. According to stock market observers, Manba Finance shares are available at a premium of ₹60 in the grey market today.

Manba Finance: This IPO will be open for subscription from September 23 to 25, priced at ₹114-120 per share. The total issue amounting to ₹151 crore comprises new shares expected to strengthen the company's capital base for future growth. Mumbai-based Manba Finance offers financial solutions to fast-track loan approvals.

KRN Heat Exchangers: This IPO will be open from September 25 to 27, priced at ₹209-220 per share. The offer comprises 1.55 crore new shares. The company plans to use the proceeds to expand the manufacturing capacity of its wholly owned subsidiary, KRN HVAC Products, located in Neemrana, Rajasthan, and for general corporate purposes. KRN Heat Exchangers manufactures fin-and-tube heat exchangers for the HVAC and refrigeration industries.

SME Segment

• In the SME sector, eight companies are preparing for their IPOs next week:
• Rapid Valves
• WOL 3D India
• Unilex Colours
• TechEra
• Forge Auto
• Sahasra Electronics
• Divyadhan Recycling
• Thinking Hats

Sahasra Electronics aims to raise ₹186 crore and will open its offering on September 26, closing on September 30.

Two other IPOs, Divyadhan Recycling, and Forge Auto International, will also open on September 26, while the IPOs for TechEra, Unilex, and Thinking Hats will kick off on September 25.

Also Read:- NTPC Green Energy IPO Update: Holding 1 NTPC share may give one up to bidders; but experts advise caution

According to the Reserve Bank of India (RBI), September 2024 will be the most IPO-intensive month in the last 14 years, both for mainboard listings and SME listings. Over 28 companies have entered the market so far, with 54% of IPO shares sold within a week of listing. The surge in activity was partly driven by increased interest in products targeted at SMEs, which were heavily oversubscribed and also attracted domestic investment funds.

Despite the excitement, concerns remain that initiators may be profiting from inflated valuations, especially in the SME segment. The RBI noted that India led the world with 27% of IPOs in the first half of 2023-24, but caution is warranted given the market's direction.