Tamilnad Mercantile Bank shares list at Rs495 with a 3% discount

15 Sept 2022 , 10:29 AM

Tamilnad Mercantile Bank (TMB) shares had a quiet launch on Dalal Street on Thursday, with the private lender listing for Rs495 on NSE, a 3% reduction to its issue price of Rs510 per share. Meanwhile, its shares were listed on the BSE at par.

The Rs807.85 crore initial public offering (IPO) of Tamilnad Mercantile Bank, which was issued at a price band of Rs500-525 per share, was subscribed 2.86 times by investors. It showed a dull response from investors.

A day before listing, shares of Tamilnad Mercantile Bank were trading in the grey market at a premium of Rs10-12, indicating a flat listing of the business.

The retail bidder quota was subscribed 6.48 times, while the non-institutional investor (NII) and qualified institutional buyer (QIB) quotas were subscribed 2.94 times and 1.62 times, respectively.

Tamilnad Mercantile Bank, founded in 1921, provides a wide range of banking and financial services to individual clients, micro, small, and medium companies (MSMEs), and others.

TMB is one of India's oldest private sector banks, with 509 branches as of March 31, 2022. The bank is mostly centered and concentrated in South India, although it is currently expanding into Maharashtra, Gujarat, Karnataka, and Andhra Pradesh.

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