Waaree Energies Ltd, India’s largest solar PV module manufacturer, is launching its highly anticipated Initial Public Offering (IPO). Here are the essential details that investors need to know:

IPO structure

Fresh issue: Rs 3600 crore
Offer for Sale (OFS): Up to 4.8 million shares by existing shareholders and promoters.
Waaree Sustainable Finance: Offering up to 4.35 million shares.
Chandurkar Investments Pvt Ltd: Offering up to 4.5 lakh shares.
IPO subscription period: Opens on October 21, 2024, and closes on October 23, 2024.
Anchor bidding: Begins on October 18, 2024.
Allotment finalization: Scheduled for October 24, 2024.
Market debut: The company’s shares are expected to be listed on October 28, 2024.

The funds raised from the IPO will be used to finance a 6GW Ingot Wafer, Solar Cell, and Solar PV Module facility in Odisha. This project will be executed through Sangam Solar One Private Limited, a subsidiary of Waaree Energies Ltd. The investment is aimed at expanding Waaree’s production capacity, enhancing its role in India’s renewable energy sector.

The IPO is being managed by a consortium of top financial institutions, including:
Axis Capital
IIFL Securities
Jefferies India
Nomura Financial Advisory and Securities
SBI Capital Markets
Intensive Fiscal Services
ITI Capital

Waaree Energies Ltd is the largest solar PV module manufacturer in India, with an installed production capacity of 12GW as of June 30, 2024. Since its establishment in 2007, the company has focused on providing cost-effective and sustainable solar energy solutions. Over the years, it has grown its operations significantly, including adding a 1.3GW facility in Noida through its subsidiary Indosolar.

The company operates five factories across Gujarat and Uttar Pradesh. It specializes in a range of technologies, including multi-crystalline, monocrystalline, and advanced Tunnel Oxide Passivated Contact (TOPCon) technology for higher efficiency. Waaree’s product lineup includes flexible and bifacial designs, as well as building-integrated PV modules, catering to diverse customer needs.

Waaree Energies Ltd has demonstrated strong financial growth:
FY24rRevenue: Rs 3408.9 crore, up from Rs 3328.29 crore in FY23.
EBITDA: Rs 639.98 crore in FY24, compared to Rs 554.29 crore in FY23.
Net profit: Rs 401.12 crore in FY24, up from Rs 338.27 crore in FY23.
Total debt: Rs 513.24 crore in FY24, increasing from Rs 277.99 crore in FY23.

Waaree Energies Ltd’s upcoming IPO offers investors an opportunity to participate in India’s renewable energy growth story. As the country’s largest solar PV module manufacturer, Waaree is well-positioned to benefit from the increasing demand for solar energy. The funds raised through this IPO will allow the company to expand its production capabilities, supporting India’s transition to cleaner energy sources.

The BSE Power Index has emerged as one of the top three performers over the past year, delivering impressive returns of 86%. This surge has been largely fueled by India’s ambitious renewable energy push, making the sector one of the most attractive for investors.

With the government aiming to achieve 500 GW of renewable capacity by 2030, and initiatives like the National Solar Mission and substantial investments in solar, wind, and hydro energy, the power sector is well-positioned for solid growth. India’s commitment to clean energy has seen the country surpass Japan to rank third in the Lowy Institute’s Asia Power Index.

The index’s strong performance is also reflected in its price-to-earnings (P/E) ratio of 32.48, which signals strong demand from investors. This P/E ratio showcases the robust infrastructure of India’s energy sector as it transitions towards sustainable development on multiple fronts.

Since the pandemic, there has been a noticeable uptick in power demand, particularly from industries and commercial sectors. This surge has driven revenues for power companies, further boosting the sector.

Looking ahead, it can be assumed that FY25 will continue to see growth in the power sector, driven by ongoing renewable energy expansion, ESG (Environmental, Social, and Governance)-focused investments, and the modernization of power grids. These factors are expected to attract even more investment into the sector. As countries around the world prioritize cleaner energy, India’s power sector is poised to benefit from these trends.

Mutual fund (MF) schemes with significant exposure to the power sector have reaped the benefits of this surge. As of August 2024, the total market value of mutual fund investments in the power sector was ₹1.1 lakh crore. The power sector’s strong performance has made it a favorite among fund managers, with several large-cap, mid-cap, and small-cap stocks seeing significant investment.
Here are some of the most popular power stocks among active mutual fund managers as of August 2024 (Source: ACEMF):

Large-Cap Power Stocks:

NTPC
Number of active MF schemes holding the stock: 294

Power Grid Corporation of India
Number of active MF schemes holding the stock: 167

Tata Power Company
Number of active MF schemes holding the stock: 87

JSW Energy
Number of active MF schemes holding the stock: 35

NHPC
Number of active MF schemes holding the stock: 33

Adani Energy Solutions
Number of active MF schemes holding the stock: 26

Mid-Cap Power Stocks:

Torrent Power
Number of active MF schemes holding the stock: 54

NLC India
Number of active MF schemes holding the stock: 41

Small-Cap Power Stocks:

Kalpataru Projects International
Number of active MF schemes holding the stock: 68

CESC
Number of active MF schemes holding the stock: 56

The BSE Power Index’s remarkable performance is a testament to India’s ambitious renewable energy goals and the sector’s robust growth prospects. As the country continues its push towards achieving 500 GW of renewable energy by 2030, the power sector is set to remain a key focus for investors, supported by favorable government policies and increasing global demand for clean energy. With mutual funds actively increasing their exposure to power stocks, the sector is positioned for continued growth and solid returns in the coming years.

Dr Agarwal’s Health Care, an eye care services provider backed by Temasek Holdings and TPG, has filed preliminary documents with the capital markets regulator to raise an estimated Rs 3,000-3,500 crore through its initial public offering (IPO). This marks a significant move for the company, which is a leader in India’s eye care services market.

The IPO will consist of two main components:

Fresh issue of shares up to Rs 300 crore
Offer For Sale (OFS) of up to 6.95 crore equity shares by promoters and selling shareholders, including Arvon Investments Pte. Ltd, Claymore Investments (Mauritius) Pte. Ltd, and Hyperion Investments Pte. Ltd.

In addition, a portion of the IPO will be reserved for eligible employees, as detailed in the company’s draft red herring prospectus (DRHP). According to the draft papers filed, the fresh issue proceeds Rs 195 crore will primarily be used to reduce debt. The remaining funds will go towards general corporate purposes and potential unidentified acquisitions as part of the company’s expansion plans.

Dr Agarwal’s Health Care has built a strong reputation in India, offering a broad range of eye care services including:
Cataract surgeries
Refractive surgeries
Consultations
Diagnosis
Non-surgical treatments

The company also sells optical products, contact lenses, accessories, and eye care-related pharmaceutical items. According to a CRISIL MI&A report, Dr Agarwal’s Health Care commanded 25% of the total eye care service chain market in India during FY 2024.

As of March 31, 2024, Dr Agarwal’s Health Care operated 180 facilities, of which 165 were in India, with a significant presence in South India, particularly in Chennai, Hyderabad, and Bengaluru, followed by Western India. This extensive network has helped the company maintain its strong position in the eye care market.

On the financial front, Dr Agarwal’s Health Care reported:
Revenue from operations: Rs 1,332.15 crore in Fiscal 2024
Profit after tax: Rs 95.05 crore

The IPO is being led by several prominent investment banks, including Kotak Mahindra Capital Company, Morgan Stanley India Company, Jefferies India, and Motilal Oswal Investment Advisors.
With strong financial performance and ambitious expansion plans, Dr Agarwal’s Health Care’s IPO is expected to attract significant interest from both institutional and retail investors. The funds raised will not only help in reducing the company’s debt but also fuel future growth through potential acquisitions and broader market penetration.

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Ltd, has entered a joint venture with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT) to develop 10 GW of renewable energy parks across India, including Maharashtra. This initiative aligns with NGEL’s strategy as it gears up for a much-anticipated Rs 10,000-crore Initial Public Offering (IPO), which could become one of India’s largest IPOs in 2024.

According to the joint venture agreement, the new company will focus on developing renewable energy projects not only in Maharashtra but also in other states across India. The agreement was signed on September 26 by Rajiv Gupta, CEO of NGEL, and Bipin Shrimali, Managing Director of MAHAPREIT, in Mumbai.

Earlier this month, NTPC Green Energy filed a draft red herring prospectus (DRHP) with SEBI for the IPO, which will be an entirely fresh issue of equity shares. The IPO includes a special quota for NTPC Ltd shareholders, allowing investors who hold shares as of the filing date to participate in up to 10% of the offering.

As the JV prepares to develop 10 GW of renewable energy capacity, NGEL’s IPO is attracting significant attention from the market, positioning itself as a major player in India’s renewable energy landscape.

NGEL was established by NTPC, India’s largest power utility, to focus exclusively on renewable energy projects. As part of NTPC’s long-term vision to reduce its carbon footprint and shift towards sustainable power generation, NGEL is tasked with accelerating the adoption of clean energy technologies, including solar, wind, and hybrid energy projects. NTPC has set an ambitious goal of achieving 60 GW of renewable energy capacity by 2032, and NGEL is central to this strategy. Currently, NTPC’s total installed renewable energy capacity stands at around 2.3 GW, but with NGEL leading the charge, the company aims to rapidly scale this capacity over the next decade.

NTPC Green Energy Limited is poised to play a pivotal role in India’s renewable energy future. With ambitious projects, innovative technologies, and a landmark IPO on the horizon, NGEL is set to drive the country’s transition to a cleaner and greener energy landscape. As India strives to meet its climate goals, NTPC Green Energy stands at the forefront, ready to power the nation with sustainable solutions.

Swiggy is gearing up for a highly anticipated IPO, filing its updated Draft Red Herring Prospectus (DRHP) as it eyes a significant slice of India’s massive Rs 2 lakh-crore food delivery market. Investors, eager to diversify their portfolios, will watch closely as Swiggy faces a tough profitability challenge amid fierce competition from Zomato, BigBasket, and others.

Founded in 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, Swiggy has evolved from a food delivery service into a tech-driven platform offering hyperlocal delivery solutions. With over 1.5 lakh restaurant partnerships across India, the company has secured a strong presence in major cities and tier-2 towns alike.

Swiggy’s IPO will include a fresh issue worth Rs 3,750 crore and an offer for sale (OFS) exceeding Rs 6,500 crore, bringing the total IPO size to over Rs 10,000 crore. This strategic move offers an alternative to Zomato, which listed in 2021, for investors looking to broaden their stakes in the food delivery sector.

Global investors such as SoftBank Vision Fund, Prosus, Accel, and Elevation Capital hold major stakes in the company, with high-profile individuals like Amitabh Bachchan, Madhuri Dixit, and cricketers Rahul Dravid and Zaheer Khan also investing in Swiggy’s pre-IPO shares.

While Swiggy’s revenue surged by 36% to Rs 11,247 crore in FY24, the company is still battling losses, albeit reduced. Its losses stood at Rs 2,350 crore, a significant improvement from Rs 4,179 crore in FY23. However, recent quarterly results showed a slight uptick in losses, raising concerns over the company’s ability to achieve profitability. This comes as Zomato reported a net profit of Rs 351 crore on revenues of Rs 12,114 crore for FY24, underscoring the gap between the two rivals.

Swiggy’s diversified offerings, including Instamart for grocery delivery, position it well in the broader quick-commerce segment. However, competition is intensifying as Walmart (via Flipkart) and BigBasket push deeper into the space. The company’s strategy of reduced discounts, tighter cost controls, and product diversification aligns with the industry’s shift towards integrated services.

Swiggy and Zomato collectively control over 90% of India’s food delivery market. With Zomato already establishing itself as a public market favorite, thanks to its profitability and Blinkit acquisition, Swiggy faces the challenge of convincing investors that it can follow suit.

Swiggy’s IPO not only provides an exit route for early investors but also presents an opportunity to raise capital for further growth. Last valued at $10.7 billion, the company is expected to seek a valuation between $10 billion and $13 billion when it goes public. The listing comes at a time when India’s IPO market is buoyant, adding excitement to Swiggy’s public debut.

Swiggy’s IPO marks a crucial step in the company’s journey, but challenges remain. As it seeks to raise funds and narrow its losses, Swiggy must navigate a competitive landscape dominated by key players like Zomato, BigBasket, and Flipkart. Investors will be keen to see how Swiggy positions itself for long-term profitability in India’s growing food and quick-commerce market.

Hyundai Motor India Limited (HMIL), the Indian arm of South Korean auto giant Hyundai Motor Co, is gearing up to launch a massive $3 billion IPO, which could become the largest initial public offering (IPO) in India’s corporate history. This offering is set to surpass the previous record held by the $2.7 billion IPO of Life Insurance Corporation (LIC) in 2022.
India’s market regulator SEBI has given the green light for the IPO expected to launch in October after reviewing the draft papers filed by Hyundai in June. Once finalized, this IPO, structured as an Offer for Sale (OFS) by the promoter, will not only mark Hyundai’s debut on the Indian stock exchanges but will also make it India Inc.’s largest-ever IPO.

Key details of Hyundai Motor India’s IPO

IPO size: Hyundai Motor India is aiming to raise around $3 billion through its IPO, with a target valuation ranging between $18 billion and $20 billion.

Offer structure: The IPO involves the sale of 142,194,700 equity shares with a face value of ₹10 each by the Promoter Selling Shareholder.

Strategic benefits: Hyundai expects the listing to enhance its visibility, brand image, and provide increased liquidity in the Indian market.

As of FY24, Hyundai Motor India was the second-largest car manufacturer in India, trailing only behind Maruti Suzuki in terms of passenger vehicle sales. Hyundai offers a diverse portfolio of 13 models, including sedans, hatchbacks, SUVs, and battery electric vehicles (EVs), and has played a crucial role in India’s automotive export market.

Hyundai has been the second-largest auto original equipment manufacturer (OEM) in India’s passenger vehicle market since Fiscal 2009. The company has been India’s largest exporter of passenger vehicles since Fiscal 2005, contributing significantly to Hyundai Motor Co’s global sales, with its share rising from 15.48% in 2018 to 18.19% in 2023.

Hyundai’s planned IPO comes at a time when its main competitor, Maruti Suzuki, has seen a 20.25% rise in share prices over the past year, with a market cap of approximately ₹4,00,000 crore ($48 billion). The listing of Hyundai’s Indian arm is expected to attract significant investor attention, potentially altering the competitive landscape in India’s automotive sector.

While Hyundai’s IPO is poised to make a significant impact, it comes amid an environment of geopolitical shocks and supply chain disruptions that could affect global commodity prices. The current account deficit is expected to widen, adding to the challenges for the Indian economy. However, Hyundai’s strong position in both domestic sales and exports provides a stable foundation for its future growth.

With SEBI’s final approval, Hyundai’s much-anticipated $3 billion IPO is set to not only break records but also further strengthen the company’s standing in the Indian automotive market and beyond

As the world becomes increasingly interconnected, global services exports have surged, tripling since 2005 and accounting for 7% of the world’s GDP by 2023. Among the countries leading this growth, India stands out. According to Goldman Sachs Research, India’s services exports have grown at nearly twice the global rate, expanding from $53 billion in 2005 to $338 billion in 2023, and now accounting for nearly 10% of India’s GDP. India’s services exports have outpaced its goods exports, demonstrating the country’s increasing specialization in high-value services. In fact, no country’s services exports grew as fast as India’s in recent years, except for Singapore and Ireland. India now accounts for 4.6% of global services exports, and Goldman Sachs forecasts that this figure could rise to 11% of GDP by 2030, with total services exports potentially reaching $800 billion.

The growth of India’s services exports over the past two decades has been driven primarily by computer services, which in 2023 made up 47% of all services exports. This sector continues to be the dominant force in India’s global services trade. However, the fastest-growing sector has been professional consulting, which saw an impressive 17% compound annual growth rate (CAGR) from 2005 to 2023. Meanwhile, travel services exports in India grew at the slowest pace, mirroring the global trend of slower growth in travel-related services. Goldman Sachs Research also sees potential in India’s insurance and financial services, where emerging markets like India are gaining ground on traditionally dominant developed markets.

India’s services export boom initially stemmed from offshoring, as global companies outsourced back-office operations to India to cut costs. Over time, these operations evolved into more specialized and high-value-added services, leading to the rise of Global Capability Centers (GCCs). By 2023, Indian GCC revenues quadrupled to $46 billion. The number of GCCs in India more than doubled from 700 to 1,580 between 2010 and 2023. The sector now employs around 1.7 million workers, adding 1.3 million jobs in the past 13 years. These GCCs, primarily located in major Indian cities, now support a wide range of business processes, including IT, finance, human resources, and analytics.

Future outlook: Services exports set for further growth

Goldman Sachs Research presents two potential scenarios for the growth of India’s services exports by 2030:
Optimistic scenario: Higher GDP growth and increased manufacturing exports could push services exports to 12.4% of GDP, valued at $900 billion.
Conservative scenario: Services exports could still form 9.8% of GDP, reflecting strong but slightly moderated growth.

India’s expanding services exports have also played a critical role in stabilizing the economy, helping cushion external shocks, such as rising oil prices and volatile food costs. Additionally, the growth of high-value services has boosted domestic consumption, particularly in discretionary spending, and has fueled demand for both commercial and residential real estate.

Despite the impressive growth, India’s services exports face several challenges:

Skilled workforce shortage: Training enough technology graduates to meet growing job market demands remains a significant obstacle.
Environmental pressure: Rapid urbanization and resource consumption, particularly in IT hubs like Bengaluru, have led to challenges such as water shortages. Diversifying services operations to other cities may help alleviate these pressures.

India’s remarkable growth in services exports has solidified its position as a global leader in high-value service sectors like IT and professional consulting. With a projected value of $800 billion by 2030, and services exports accounting for a larger share of GDP, India is well-positioned to continue its upward trajectory in the global services market, despite challenges related to workforce development and resource management.

The price of gold has surged to unprecedented levels in 2024, climbing over 20% to reach a historic peak of more than $2,500 per troy ounce. According to Goldman Sachs Research, this upward trend is far from over. The investment bank predicts gold could hit $2,700 by early 2025, driven by key economic and geopolitical factors, including interest rate cuts by the Federal Reserve and increased gold purchases by emerging market central banks. The precious metal is now positioned as a top commodity for near-term investment growth.

Key drivers behind the surge in gold prices

Goldman Sachs points to three major factors influencing the rise in gold prices:

Central bank purchases: Central banks, particularly in emerging markets, have significantly increased their gold reserves since Russia’s invasion of Ukraine in 2022. This trend is expected to continue, fueled by concerns over potential US financial sanctions and the growing US sovereign debt.

Federal reserve interest rate cuts: As the Federal Reserve cuts interest rates, gold becomes more attractive to investors. Historically, higher interest rates have reduced the appeal of gold because it offers no yield. The anticipated rate cuts are expected to lure Western investors back to the gold market, further boosting demand.

Geopolitical uncertainty: Gold has long been considered a safe haven during times of geopolitical and financial turmoil. Goldman Sachs Research suggests that additional financial sanctions or growing concerns about US debt could push gold prices even higher, with a potential 15% upside in the event of increased sanctions or rising credit-default swap spreads.

Other commodities face challenges

While gold is expected to shine, other commodities may face headwinds due to softening global economic conditions:

Oil: China’s oil demand has slowed, impacted by the growing adoption of electric vehicles and reduced demand for petrochemicals. The US supply of oil has also exceeded expectations, prompting Goldman Sachs to lower its Brent crude price forecast for 2025 to $76 per barrel from an earlier prediction of $82.

Industrial metals: Copper production has been high, but consumption in China has fallen, leading Goldman Sachs to delay its target price of $12,000 per ton for copper until after 2025. Similarly, aluminum forecasts have been adjusted downward due to weaker-than-expected demand.

Natural gas: A significant increase in global liquefied natural gas (LNG) supply is expected starting in 2025, further pushing down energy prices. Goldman Sachs strategists believe lower energy prices are on the horizon as supply continues to outpace demand.

Despite these challenges, Goldman Sachs still sees commodities as essential components of an investment portfolio. Commodities provide a hedge against supply disruptions and inflation. Select industrial metals, particularly those tied to energy security and decarbonization, could experience sharp rallies in the coming years. The Goldman Sachs Commodity Index (GSCI) is expected to return 5% in 2025, down from the 12% return forecasted for 2024.

Gold’s strong performance and its role as a hedge against financial risks make it a top choice for investors looking for stability and growth in a volatile global economy. With factors like central bank purchases, potential geopolitical tensions, and rate cuts favoring the metal, gold is well-positioned to continue its climb into 2025.

Diffusion Engineers, a leading provider of repair and reconditioning services for heavy machinery, is set to launch its Initial Public Offering (IPO) on September 26, 2024 with a price band of Rs 159-168 per share. The Maharashtra-based company, which also manufactures welding consumables. Here’s a detailed look at the upcoming IPO and the company’s financial performance.

IPO key details

IPO opening date: September 26, 2024

IPO closing date: September 30, 2024

Anchor book date: September 25, 2024

Issue size: Fresh issue of 94.05 lakh equity shares

Price band: Rs 159-168 per share

Listing date: October 4, 2024

Lead manager: Unistone Capital

Registrar: Bigshare Services

Incorporated in 1982 and owned by the Garg family, Diffusion Engineers is a well-established name in the heavy machinery and equipment industry. The company also trades in anti-wear powders and welding and cutting machinery. With four manufacturing units located in Nagpur, Maharashtra, Diffusion Engineers plans to expand its portfolio by manufacturing powders for corrosion and abrasion resistance to be used in welding applications.

Financial Performance: FY24

Diffusion Engineers has demonstrated solid financial growth in FY24:

Revenue: ₹278.1 crore, reflecting a 9.1% growth from ₹255 crore in FY23.

Profit: ₹30.8 crore, a 39.1% increase compared to the previous year, driven by improved operational efficiency.

EBITDA: ₹38.9 crore, marking a 39.4% growth, with EBITDA margins expanding by 310 basis points to reach 14% in FY24.

The company aims to diversify its welding consumables portfolio by incorporating new products like corrosion-resistant powders. More than 90% of Diffusion Engineers’ revenue comes from the domestic market, while the remaining portion is generated through exports. With steady revenue and profit growth, the company is well-positioned to continue its expansion and cater to the increasing demand in the heavy engineering sector.

Diffusion Engineers’ IPO offers a solid opportunity for investors, particularly those looking at the heavy machinery and engineering sector. The company’s strong financial performance, strategic expansion plans, and growing demand for its services make it an attractive prospect.

The Initial Public Offering (IPO) of Manba Finance Limited opened today, offering investors a fresh opportunity to enter the financial sector. The public issue, worth ₹150.84 crore, will remain open for subscription until 25th September 2024. Below are the key details and expert insights about this IPO.

Manba Finance IPO key highlights

Issue size: ₹150.84 crore

IPO price band: ₹114 to ₹120 per equity share

IPO dates: 23rd September 2024 to 25th September 2024

Lead manager: Hem Securities Limited

Registrar: Link Intime India Private Limited

Stock exchanges for listing: BSE and NSE

Listing Date (Tentative): 30th September 2024

Share allocation and subscription status

The Manba Finance IPO consists entirely of fresh shares, aiming to raise ₹150.84 crore to strengthen the company’s capital base. Promoters currently hold a 100% stake in the company, and the issue allocation is divided into:

Qualified Institutional Buyers (QIBs): 50% of the issue

Retail Individual Investors (RIIs): 35% of the issue

Non-Institutional Investors (NIIs): 15% of the issue

On the opening day, the IPO witnessed an impressive subscription, with the issue getting subscribed 11.20 times by 1 PM. The non-institutional investor portion saw the highest demand, with 16.01 times subscription, followed by 14.69 times for retail investors, and 1.50 times for qualified institutional buyers.

Manba Finance shares are actively trading in the grey market, where stock market observers report a premium of ₹60 to ₹64 per share. This translates to a 53% premium over the upper price band of ₹120, indicating strong demand ahead of the official listing.

Manba Finance Limited is a Non-Banking Financial Company (NBFC) based in Maharashtra, specializing in loans for two-wheelers, three-wheelers, used cars, and small businesses. The company operates in 66 locations across six states—Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh, and Uttar Pradesh.

Over the past two years, the company has demonstrated robust financial growth:

Assets Under Management (AUM): Increased to ₹936.85 crore in FY24, up from ₹495.82 crore in FY22, reflecting a CAGR of 37.5%.

Profit After Tax (PAT): Grew significantly by 89.5%, reaching ₹31.41 crore in FY24 from ₹16.58 crore in FY23.

Revenue: Increased by 44% to ₹191.58 crore in FY24, up from ₹133.32 crore in FY23.

Manba Finance’s lending model, which includes an average borrowing cost of 11.98% and lending rates above 20%, has also contributed to its strong return on capital employed (ROCE) margins, improving from 6.42% to 15.66%.

Manba Finance’s IPO has garnered significant attention from both institutional and retail investors, with its high grey market premium and strong first-day subscription figures indicating investor confidence. The company’s steady financial growth, combined with its expansion into personal and business loans, suggests it is well-placed to benefit from the rising demand in India’s NBFC sector. Investors looking for a high-growth opportunity, particularly in the lending space, may find Manba Finance’s IPO a promising investment.