On the NSE, the stock made its debut at Rs 495, 2.94 per cent lower than the issue price.
New Delhi:
Shares of Tamil Nadu Mercantile Bank started a muted market on Thursday and fell nearly 3 per cent against its issue price of Rs 510 on the NSE.
On the NSE, the stock made its debut at Rs 495, 2.94 per cent lower than the issue price.
The company’s shares were listed on BSE at Rs 510 equivalent to the issue price. Later it touched a high of Rs 519 and a low of Rs 487.
Tamil Nadu Mercantile Bank’s initial public offer was subscribed 2.86 times last week on Wednesday, the last day of subscription.
The public offering price of Rs 831.6 crore was Rs 500-525 per share.
The company primarily provides a wide range of banking and financial services to Micro, Small and Medium Enterprises (MSMEs), agriculture and retail customers.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)