Manba Finance’s IPO On Sep 23

New Delhi: Non-banking Finance Company (NBFC) Manba Finance Ltd on Wednesday said it has fixed a price band of Rs 114 to Rs 120 per share for its Rs 151-crore initial public offering (IPO).The initial share-sale will open for public subscription on September 23 and conclude on September 25, the company announced. Manba Finance’s IPO is entirely a fresh issue of up to 1.26 crore shares worth Rs 151 crore at the upper end of the price band. At present, promoters hold 100 per cent stake in the Maharashtra-based Manba Finance. Proceeds from the issues will be utilized to augmenting the capital base to meet the company’s future capital requirements towards onward lending and for general corporate purposes. The company said that half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors, and the remaining 15 per cent shares for non-institutional investors.