Tamilnad Mercantile Bank IPO: GMP Check, Stock Allocation, Listing Date Details

Tamilnad Mercantile Bank’s three-day initial public offering (IPO) was registered 2.86 times on the last registration date ending Wednesday. The Public offering of 831-crore received bids for 2,49,39,292 shares compared to 87,100,000 shares offered.

The retail individual investor category received 6.48 registrations, while the non-institutional investor quota received 2.94 registrations. The Qualified Institutional Buyers (QIB) Catalog has received 1.62 applications for IPO.

The price range has been fixed at 500-525 per share. Based on Tuticorin raised a bit 363 crore from anchor investors before selling its shares. IPO of Bank Tamilnad Mercantile is a new issue of 1.58 crore of equity. The Bank proposes to use the proceeds from the issuance to enhance tier I capital to meet future capital requirements.

According to market observers, the shares of Tamilnad Mercantile Bank are highly available (GMP) of 20 on the gray market today. The company’s shares are expected to list on the BSE and NSE stock exchanges on Thursday, September 15, 2022.

Finalization of the share allocation basis of the Tamilnad Mercantile Bank IPO is expected to take place next week on Monday, September 12, 2022 and if allotted, the crediting of the shares. into the accounts of contractors will be made on Wednesday, September 14, 2022. The registrar for this IPO is Link Intime India Private Ltd, so the application for allocation can be checked on the website of the registrar 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, 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. The rest of the branches span the 15 states and four territories of the Union.

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

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