Tamilnad Mercantile Bank IPO: What GMP signals ahead of share listing date
- Tamilnad Mercantile Bank IPO GMP today is ₹15, say market observers
Tamilnad Mercantile Bank IPO: The public issue is all set to make its debut on BSE and NSE as most likely Tamilnad Mercantile Bank IPO listing date is 15th September 2022 i.e. tomorrow. As per the information available on BSE, the equity shares of Tamilnad Mercantile Bank Limited shall be listed and admitted to dealings on the BSE and NSE in due course. So, all eyes are now set on Tamilnad Mercantile Bank IPO listing date. Meanwhile, grey market is also signaling about the kind of debut Tamilnad Mercantile Bank shares may have. According to market observers, Tamilnad Bank IPO GMP (grey market premium) today is ₹15 that means shares of Tamilnad Mercantile Bank are available at a premium of ₹15 in grey market today.
Tamilnad Mercantile Bank IPO GMP
As mentioned above, Tamilnad Mercantile Bank IPO GMP today is ₹15, which is Re 1 higher from its Tuesday grey market premium of ₹14. Market observers said that rise in Tamilnad Mercantile Bank IPO GMP from ₹7 to ₹15 in last two days is due to the strong sentiments on Dalal Street. They said that stock market has been ascending for last four sessions and that sentiment has trickled down to grey market as well. However, they maintained that below par response by investors and moderate valuations of the issue is still in the minds of grey market players. That has not allowed the GMP of the public issue to regain the ground it lost during three days subscription.
What this GMP means?
market observers went on to add that Tamilnad Mercantile Bank IPO GMP today is ₹15, which means grey market is expecting that Tamilnad Mercantile Bank shares may debut around ₹540 ( ₹525 + ₹15), which is below 3 per cent from its issue price of ₹500 to ₹525 per equity share. They said that grey market is trying to signal that if the market sentiment remains positive till Tamilnad Mercantile Bank IPO listing date, then the public issue may have a par listing.
However, stock market experts said that GMP is not an ideal indicator about the possible premium on the listing date. They said that grey market premium is completely speculative and it has no fundamental connection with the stock. They advised allottees to stick with their conviction and suggested to follow what its balance sheet says.
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