The initial public offering of Tamil Nadu Mercantile Bank (TMB) was subscribed 1.53x on the second day of subscriptions on Tuesday.
According to an update available with NSE, the public offer for ₹831.6 crore received bids for 1,33,68,460 shares, while 87,12,000 shares were offered on offer.
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%.
The initial public offer of Tamil Nadu Mercantile Bank was fully subscribed in early trade on Tuesday.
The initial public offering (IPO) of 1.58 crore equity shares has a price range of ₹500-525 per share.
Tamil Nadu Mercantile Bank’s IPO got 83 per cent subscription on the first day on Monday.
Private sector lender Tamil Nadu Mercantile Bank on Friday raised over Rs 363 crore from anchor investors.
The issue will conclude on September 7.
The Tuticorin-based bank proposes to utilize the proceeds from the issue to enhance its Tier-I capital base to meet future capital requirements.
It provides a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSMEs), agriculture and retail customers.
The equity shares of the company are proposed to be listed on BSE and NSE.