Tamil Nadu Mercantile Bank IPO subscribed 83% on day one
New Delhi:
The initial public offer (IPO) of Tamil Nadu Mercantile Bank got 83 per cent subscription on the first day on Monday.
As per data available with NSE, the IPO received bids for 72,56,228 shares as against 87,12,000 shares.
The quota for Retail Individual Investors (RIIs) was subscribed 1.53 times, while Qualified Institutional Buyers (QIBs) got 73 per cent subscription and non-institutional investors 58 per cent.
The initial public offer of 1.58 crore equity shares is in the price range of Rs 500-525 per share.
Private sector lender Tamil Nadu Mercantile Bank on Friday raised over Rs 363 crore from anchor investors.
The issue will conclude on September 7.
At the upper end of the price band, the bank expects to raise Rs 831.6 crore through IPO.
The Tuticorin-based bank proposes to utilize the proceeds from the issue to enhance its Tier-I capital base to meet future capital requirements.
It provides a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSME), agriculture and retail customers.
Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are the managers of the offer.
The equity shares of the company are proposed to be listed on BSE and NSE.