Tamilnad Mercantile Bank IPO receives 39% subscription applications on 1st day

5 Sep 2022 , 03:22 PM

On September 5 at 3:30 pm, 0.39 times the IPO target was subscribed for Tamilnad Mercantile Bank. By September 5, 2022, the public offering had received 1.01 times the retail, 0.32 times the QIB, and 0.11 times the NII subscription rates.

The IPO lot size for Tamilnad Mercantile Bank is 28 shares. An individual retail investor may apply to up to 13 lots (364 shares, or $191,100).

The IPO bid date for Tamilnad Mercantile Bank is from September 5, 2022, from 10:00 A.M. until September 7, 2022, at 5:00 P.M. The UPI Mandate confirmation deadline is noon on the day after the issue’s closing day.

One of India’s first private sector banks, Tamilnad Mercantile Bank (TMB), was established in 1921. It provides retail clients, micro, small, and medium-sized companies (MSMEs), and others with a range of banking and financial services. TMB has a robust portfolio of deposits and advances from a range of clients, including retail, agricultural, and MSMEs.

The bank had a total of 5.08 million clients as of March 31, 2022, with a strong branch network of 509 locations. With 369 branches, TMB has a sizable market presence in Tamil Nadu. The company is also active in 15 other Indian states and 4 union territories.

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