Tamil Nadu Mercantile Bank’s three-day initial public offering (IPO) was subscribed 2.86 times on the last day of subscriptions that closed on Wednesday. In the public offer of Rs 831 crore, bids were received for 2,49,39,292 shares, while there were 87,12,000 shares on offer.
Finalization of Basis for Allotment of Shares of Tamil Nadu Mercantile Bank IPO The next week is expected to be on Monday, September 12, 2022 and if allotted, the shares will be credited to the demat account of the bidders on Wednesday, September 14, 2022. The Registrar for this IPO is Link Intime India Private Limited. Hence the allotment application can be checked on the website of the registrar Here or on BSE website Here,
As per market observers, Tamil Nadu Mercantile Bank shares are available at Premium (GMP) 23 in the gray market today, more than 20 tomorrow. The company’s shares are expected to be listed on the stock exchanges BSE and NSE on Thursday, 15th September, 2022.
Tamil Nadu 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 provides a wide range of services primarily to micro, small and medium enterprises, agriculture and retail customers and the bank operates 509 branches, of which 369 are in the home state of Tamil Nadu, accounting for over 70% Receives business and the remaining branches are spread over 15 states and four union territories.
The price band was fixed at 500-525 per share. Tuticorin-based had mobilized a bit more 363 crore from anchor investors before its share sale. Tamil Nadu Mercantile Bank’s IPO is the latest issue of 1.58 crore equity shares. The Bank proposes to utilize the proceeds from the issue to augment its Tier-I capital base to meet future capital requirements.
The Bank’s total customer base as on March 31, 2022 is approximately 50.8 lakhs, growing at a CAGR of 4.4% in FY 2012-22) making TMB the second highest among its peers after Tax (PAT) for FY 2012 The gains were higher, while the ROA was also above 1.7. % vs Median 0.8% for peers, as per brokerage ICICI Securities.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.