Tamilnad Mercantile Bank IPO subscribed 1.68x at 10.50 am day 3

7 Sep 2022 , 10:46 AM

The Tamilnad Mercantile Bank (TMB) IPO was subscribed 1.68 times on September 7th at 10:50 am. The public issue had been subscribed 4.18 times in the retail category, 0.98 times in the QIB category, and 1.40 times in the NII category.

The lot size for this IPO is 28 shares. An individual retail investor may apply to up to 13 lots (364 shares).

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, 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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