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Manba Finance IPO
Price Band
₹114.0–120.0
Issue Size
₹150.84 Cr
Lot Size
125 shares
Min Investment
₹15,000
GMP
+₹33.0 (27.5%)
Issue Price
₹120.0
Subject to Sauda
₹3100
Paid only if allotted
Manba Finance IPO AI Summary
- Manba Finance IPO is listed on BSE, NSE in the Non Banking Financial Company (NBFC) sector.
- Price band: ₹114.0–₹120.0 per share, lot size 125 shares (min. investment ₹15,000).
- Subscription window: 23 Sep–25 Sep 2024, listing on 30 Sep 2024.
- Current GMP is +₹33.0 (27.5%), an estimated listing price of ₹153 — unofficial and can change daily.
Manba Finance Limited is set to list on 30 September 2024, with a strong growth trajectory in revenue and profit over the past years. The IPO offers a price band of ₹114.0 to ₹120.0, with a minimum investment of ₹15,000 and a lot size of 125 shares.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Manba Finance IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 25 Sep 2024 — not a current signal.
10 of 13 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Manba Finance IPO Grey Market Premium (GMP) Today
GMP
+₹33.0
GMP %
+27.5%
Est. Listing
₹153.0
Updated: 25 Jul 2026 14:03
About the Company
Established in 1998, Manba Finance Limited is a non-banking finance company (NBFC-BL) offering financial solutions for new two-wheelers (2Ws), three-wheelers (3Ws), electric two-wheelers (EV2Ws), electric three-wheelers (EV3Ws), used cars, small business loans and personal loans. The company's target customers are mainly (i) employees and (ii) the self-employed. The Company tailors its offerings to each of these customer categories and creates customized programs. The Company typically finances up to 85% of the purchase price (on-road price) of the vehicle the customer wishes to purchase and prefers the customer to contribute the balance. The company has branches in urban, semi-urban and metropolitan cities and towns serving the surrounding rural areas. The company has established relationships with more than 1,100 dealers, including more than 190 EV dealers in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh. As of March 31, 2024, the company employed a total of 1,344 people.
Company Financials (₹ Cr)
As of 2024-03-31
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 973.75 | 787.25 | 561.46 |
| Total Income | 191.63 | 133.32 | 106.62 |
| Profit After Tax | 31.42 | 16.58 | 9.74 |
| NET Worth | 200.61 | 168.43 | 151.74 |
| Reserves and Surplus | 162.46 | 155.54 | 138.96 |
| Total Borrowing | 752.27 | 595.93 | 394.40 |
Key Ratios
EPS
₹8.34
NAV
₹53.26
ROE
21.36%
ROCE
19.39%
RoNW
15.66%
P/B Value
2.25
P/E Ratio
14.39
Market Cap
₹602.87 Cr
Debt/Equity
3.75
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| Mas Financial Services Ltd | 108.71 | 14.25% | 18.13 | 15.31 |
| Arman Financial Services Ltd. | 775.7 | 21.36% | 8.57 | 195 |
| Baid Finserv Limited | 13.89 | 7.75% | 13.65 | 1.08 |
| Manba Finance Limited This IPO | 53.26 | 15.66% | — | 8.34 |
Promoters
Manba Investments & Securities Pvt.Ltd., Avalon Advisory & Consultant Services Pvt.Ltd., Manba Fincorp Pvt.Ltd., Manba Infotech LLP and Manish Kiritkumar Shah (HUF)
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Augmentation of our capital base to meet the future capital requirements 130.76
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹106.62 Cr in the year ending 31 Mar 2022, rising to ₹133.32 Cr by 31 Mar 2023, and further increasing to ₹191.63 Cr by 31 Mar 2024.
Profit Trend
Profit after tax was ₹9.74 Cr in the year ending 31 Mar 2022, increasing to ₹16.58 Cr by 31 Mar 2023, and further rising to ₹31.42 Cr by 31 Mar 2024.
Valuation
Manba Finance has an implied P/E of approximately 14.39 at the issue price, compared to peers trading at P/E ratios ranging from 8.57 to 18.13.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO based on unofficial trading in the grey market. A positive GMP suggests that the IPO might list at a higher price than its issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment goals.
Who May Want to Wait
Investors who are risk-averse or prefer stable returns may want to avoid IPOs, as they can be subject to high volatility and uncertainty in the short term.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when an IPO lists at a price higher than its issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock.
This evaluation is generated from Manba Finance's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Manba Finance IPO GMP today?
Manba Finance IPO GMP today is +₹33.0 (27.5%), indicating an estimated listing price of ₹153. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Manba Finance IPO?
The price band of Manba Finance IPO is ₹114.0–₹120.0 per share.
When does Manba Finance IPO open and close?
Manba Finance IPO opens on 23 September 2024 and closes on 25 September 2024.
When does Manba Finance IPO list on the stock exchange?
Manba Finance IPO listed on 30 September 2024 at ₹153.0.
What is the lot size for Manba Finance IPO?
The lot size for Manba Finance IPO is 125 shares, requiring a minimum investment of ₹15,000.
What is the price band for the Manba Finance IPO?
The price band for the Manba Finance IPO is ₹114.0 to ₹120.0.
What is the minimum investment required for this IPO?
The minimum investment required for the Manba Finance IPO is ₹15,000.
What is the lot size for the Manba Finance IPO?
The lot size for the Manba Finance IPO is 125 shares.
When does the Manba Finance IPO open and close?
The Manba Finance IPO opens on 23 September 2024 and closes on 25 September 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Sep 2024
Close
25 Sep 2024
Allotment
26 Sep 2024
Listing
30 Sep 2024
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