New Delhi: Private lender Tamilnad Mercantile’s initial public offering (IPO) saw over 1.53x subscriptions on the second day of the three-day subscription period. The IPO will end on Wednesday. The price band of the IPO is Rs 500-525 per share. Significantly, the IPO was fully subscribed in the initial trade.
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The IPO of the Tuticorin-based private bank got 83 per cent subscription on the first day on Monday. The bank on Friday raised over Rs 363 crore from anchor investors. So far it has seen bids worth Rs 1,33,68460 against 87,12,000 shares on offer.
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The Retail Individual Investor (RII) category was subscribed 3.61 times. The share of non-institutional investors was subscribed 1.27 times and Qualified Institutional Buyers (QIB) quota was subscribed 98 per cent.
What is an Initial Public Offering?
An initial public offering (IPO) is a process of offering shares of a company to public investors for money. It means taking a private company public by allowing others to be a part of it. IPO allows a company to raise funds from public investors.
It is a prime tool to expand business horizons and upgrade existing facilities in the startup era.
(with PTI inputs)