The Indian stock market is witnessing a boom in initial public offerings (IPOs) this September, making it the busiest month for public listings in 14 years, according to data released by the Reserve Bank of India (RBI) on0.

Indian stock market's initial public offering (IPO) surge is poised to make September the busiest month for public listings in 14 years, according to the Reserve Bank of India (RBI) bulletin data released on September 20.

With intermittent corrections on global cues, benchmark indices in the secondary market have moved up, and the outlook remains bullish, said the RBI.

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.