The company's recent 48% AUM growth in FY24, spurred by a one-time gain from asset recovery, masks underlying financial weaknesses. With a credit rating of BBB+ and an expensive valuation at 1.7x post-money book value, the risks far outweigh any potential gains.

The Rs 151 crore initial public offering (IPO) of Mumbai-based non-banking financial company (NBFC) Manba Finance is set to open for public subscription on September 23 and will close on September 25.

Manba Finance is an entirely fresh offering of up to 1,25,70,000 shares without an offer of sale component, and it is a book-built issue of Rs 150.84 crores.

Manba Finance Limited has raised ₹ 45.25 crore from anchor investors ahead of its IPO subscription opening for bidding. The non-banking financial company (NBFC)'s initial public offering (IPO) is all set to hit the D-Street for its three-day subscription on Monday,

Manba is a Non-Banking Financial Company-Base Layer (NBFC-BL) providing financial solutions for new two-wheelers (2Ws), three-wheelers (3Ws), electric two-wheelers (EV2Ws), electric three-wheelers (EV3Ws),

The lender has finalised allocation of 37.71 lakh equity shares to anchor investors at a price of Rs 120 per equity share.

Manba Finance plans to raise ₹150.84 crore through upcoming IPO, which is set to opne for bidding on September 23, 2024. Shares will be listed on NSE and BSE by September 30. The offering includes 1.26 crore shares priced between ₹114 and ₹120 each.