Tamil Nadu Mercantile Bank’s three-day initial public offering (IPO) was subscribed 2.86 times on the last day of subscriptions that closed on Wednesday. In the public offer of Rs 831 crore, bids were received for 2,49,39,292 shares, while there were 87,12,000 shares on offer.
The retail individual investors category was subscribed 6.48 times, while the quota for non-institutional investors was subscribed 2.94 times. The category of Qualified Institutional Buyers (QIBs) got 1.62 times subscription for this IPO,
The price band was fixed at 500-525 per share. Tuticorin-based had mobilized a bit more 363 crore from anchor investors before its share sale. Tamil Nadu Mercantile Bank IPO There is a fresh issue of 1.58 crore equity shares. The Bank proposes to utilize the proceeds from the issue to enhance its Tier-I capital base to meet future capital requirements.
As per market observers, Tamil Nadu Mercantile Bank shares are available at Premium (GMP) Today in Gray Market 20. The Company’s Shares are expected to be listed on the Stock Exchanges BSE and NSE on Thursday, 15th September, 2022.
Finalization of the basis for share allotment of Tamil Nadu Mercantile Bank IPO is expected to take place next week on Monday, September 12, 2022 and, if allotted, credit of shares to the demat account of the bidders by Wednesday, September 14, 2022 will be done. The registrar link for this IPO is Intime India Pvt Ltd, hence the allotment application can be checked at the registrar’s website. Here or on BSE website Here,
Tamil Nadu Mercantile Bank (TMB) is one of the oldest private sector banks with a history of 101 years, established in 1921 as Nadar Bank. The Tuticorin based bank provides a wide range of services primarily to micro, small and medium enterprises, agriculture and retail customers and the bank operates 509 branches, of which 369 are in the home state of Tamil Nadu, accounting for over 70% Receives business and the remaining branches are spread over 15 states and four union territories.
Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets were the managers of the initial share sale.
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