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Tamilnad Mercantile Bank IPO subscribed 1.53 times on Day 2

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The initial public offer of Tamilnad Mercantile Bank (TMB) got subscribed 1.53 times on Tuesday, day two of the subscription.

The ₹831.6-crore public offer received bids for 1,33,68,460 shares, against 87,12,000 shares on offer, according to an update available with the NSE.

The retail Individual Investors (RIIs) category received 3.61 times subscription. The portion for non-institutional investors got subscribed 1.27 times and the Qualified Institutional Buyers (QIBs) quota was subscribed 98%.

The initial public offer of Tamilnad Mercantile Bank got fully subscribed in early trade on Tuesday.

The initial public offer (IPO) of 1.58 crore equity shares has a price range of ₹500-525 a share.

The IPO of Tamilnad Mercantile Bank received an 83% subscription on the first day on Monday.

Private sector lender Tamilnad Mercantile Bank on Friday mobilised a little over ₹363 crore from anchor investors.

The issue will conclude on September 7.

The Tuticorin-based bank proposes to utilise the proceeds from the issue for augmenting its Tier–I capital base to meet future capital requirements.

It offers a wide range of banking and financial services primarily to micro, small and medium enterprises (MSMEs), agricultural and retail customers.

The company’s equity shares are proposed to be listed on BSE and NSE.



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