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Shares of Tamilnad Mercantile Bank made a dull stock market debut on Tuesday with the stock listing at ₹495 apiece on the NSE, a discount of more than 3% as compared to its IPO issue price of ₹510 per share. On the BSE, the stock started trading at ₹500 per share.
The initial public offer (IPO) of Tamilnad Mercantile Bank got subscribed 2.86 times on the last day of subscription. The ₹831.6-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 issue.
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 was a fresh issue of 1.58 crore equity shares. The bank had said it proposes to utilise the proceeds from the issue for augmenting its Tier–I capital base to meet future capital requirements.
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.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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