Ahmedabad: Manba Finance Limited, a NBFC-BL providing financial solutions for New two-wheeler (2Ws,) three-wheeler (3Ws), electric two-wheeler (EV2Ws), electric three-wheeler (EV3Ws), Used Cars, Small Business Loans and Personal Loans, has fixed the price band of Rs 114/- to Rs 120/- per Equity Share of face value Rs 10/- each for its maiden initial public offer.The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Monday, September 23, 2024, for subscription and close on Wednesday, September 25, 2024. Investors can bid for a minimum of 125 Equity Shares and in multiples of 125 Equity Shares thereafter. The IPO is entirely a fresh issue of up to 1,25,70,000 shares with no offer of sale component. The proceeds from its fresh issuance will be utilized to augmenting the capital base to meet the Company’s future capital requirements.

Manba Finance commenced its business in 1998 as a NBFC from Mumbai, Maharashtra and scaled up its operations from 2009 by way of growth in number of branches and locations across states. Its branches are located in urban, semi-urban and metropolitan cities and towns which serves the surrounding rural areas. It is based out of Mumbai, Maharashtra and operates out of 66 Locations connected to 29 branches across six (6) states in western, central and north India. It has established relationships with more than 1,100 Dealers, including more than 190 EV Dealers, across Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh. It has recently expanded its loan portfolio to Used Car Loans, Small Business Loans and Personal Loans and it intends to leverage its existing network to further penetrate the market with its new products.It provides financial solutions to salaried and self-employed individuals with a quick turnaround time (TAT) for loan sanction and disbursement. About 97.90% of its loan portfolio comprises of New Vehicle Loans with an average ticket size (ATS) of around Rs 80,000 for two-wheeler loans and an average ticket size (ATS) of around Rs 1,40,000 for three-wheeler loans. Manba Finance funds upto 85% of the purchase price (on road price) of the vehicle proposed to be acquired by the customer, basis the internal credit policies, LTV and the customer’s existing cash-flows, CIBIL score and the collateral.