Home / Markets / Ipo /  Tamilnad Mercantile Bank IPO: Check GMP, share allotment, listing date details

The three-day initial public offer (IPO) of Tamilnad Mercantile Bank got subscribed 2.86 times on the last day of subscription that closed on Wednesday. The 831-crore public offer received bids for 2,49,39,292 shares against 87,12,000 shares on offer.

Retail individual investors' category received 6.48 times subscription, while the quota for non-institutional investors was subscribed 2.94 times. The category for qualified institutional buyers (QIBs) got 1.62 times subscription for the IPO.

The price band was fixed at 500-525 per share. The Tuticorin-based had mobilised a little over 363 crore from anchor investors ahead of its share sale. Tamilnad Mercantile Bank IPO is a fresh issue of 1.58 crore equity shares. The bank proposes to utilise the proceeds from the issue for augmenting its Tier–I capital base to meet future capital requirements.

As per market observers, Tamilnad Mercantile Bank shares are available at a premium (GMP) of 20 in the grey market today. The shares of the company are expected to list on stock exchanges BSE and NSE on Thursday, September 15, 2022.

The finalization of basis of share allotment of Tamilnad Mercantile Bank IPO is expected to take place next week on Monday, September 12, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, September 14, 2022. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar's website here or on the BSE website here.

Tamilnad Mercantile Bank (TMB) is one of the oldest private sector banks with a history of 101 years, having been established in 1921 as Nadar Bank. The Tuticorin-based bank offers a wide range of services primarily to micro, small and medium enterprises, agricultural and retail customers and the bank operates 509 branches of which 369 are in the home state of Tamil Nadu, which fetches over 70% of business and the rest of the branches are spread across 15 states and four Union territories.

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets were the managers to the initial share sale.

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