One day before listing, shares of
were trading at a premium of Rs 10-12 in the gray market, signaling a flat quote for the company.
Tamilnad Mercantile Bank’s initial public offering (IPO) of Rs 807.85 crore, which sold in the range of Rs 500-525 apiece, received a lackluster response from investors as it was underwritten 2 .86 times.
The quota reserved for retail bidders was subscribed 6.48 times while the quota reserved for non-institutional investors (NII) and qualified institutional buyers (QIB) were subscribed 2.94 times and 1.62 times respectively.
Incorporated in 1921, Tamilnad Mercantile Bank offers a range of banking and financial services to retail customers, micro, small, and medium enterprises (MSMEs), and more.
TMB is one of the oldest private sector banks in India, with 509 branches as of March 31, 2022. The bank is concentrated and concentrated in South India but is now branching out into the states of Maharashtra, Gujarat, of Karnataka and Andhra Pradesh.