Tamilnad Mercantile Bank Share Allotment Process: Now, after subscription, the focus has shifted to the share allotment process. The initial public offering (IPO) of Tamilnad Mercantile Bank was subscribed 2.86 times
Tamilnad Mercantile Bank Share Allotment Process: Now, after subscription, the focus has shifted to the share allotment process. The initial public offering (IPO) of Tamilnad Mercantile Bank was subscribed 2.86 times at the end of the three-day window which commenced on Monday. Meanwhile, the Thoothukudi (formerly Tuticorin)-based private lender plans to utilise the money raised through the IPO to augment its tier-I capital base to meet its capital requirements.
Tamilnad Mercantile Bank IPO: Subscription Status
The Qualified Institutional Buyers (QIBs) category was subscribed 1.62 times. The Non-Institutional Investors (NIIs) category was subscribed 2.94 times. The Retail Individual Investors (RIIs) category was subscribed 6.48 times.
Tamilnad Mercantile Bank IPO: Share Allotment Process & Listing Date
The finalization of the basis of share allotment of Tamilnad Mercantile Bank IPO is expected to take place next week on Monday, September 12, 2022, and if allotted, then the credit of shares to Demat account of bidders will be done on Wednesday, September 14, 2022. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here.
The shares of the company are expected to list on stock exchanges BSE and NSE on Thursday, September 15, 2022.
Tamilnad Mercantile Bank IPO: GMP Today
As per market observers, Tamilnad Mercantile Bank shares are available at a premium (GMP) of Rs 20 in the grey market today.
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Tamilnad Mercantile Bank IPO: About the Public Offer
The issue opened for bidding on Monday (5 September 2022) and it closed on Wednesday (7 September 2022). The price band of the IPO was fixed at Rs 500-525 per share.
The IPO consisted entirely of a fresh issue of 1.58 crore equity shares of face value of Rs 10 each. There was no identifiable promoter of the bank and none of the shareholder holds more than 5% share capital of the bank.
Ahead of the IPO, Tamilnad Mercantile Bank on Friday, 2 September 2022, raised Rs 363.52 crore from anchor investors. The board allotted 71.28 lakh shares at Rs 510 a share to 21 anchor investors.
Tamilnad Mercantile Bank is one of the oldest and leading old private sector bank headquartered at Thoothukudi, Tamil Nadu with a history of over 100 years. The bank has a network of 509 branches, 12 administrative offices, 1,141 ATMs, 282 cash recycler machines (CRMs), and 101 E-lobbies. Out of these 509 branches, 76 branches are in metropolitan areas, 80 branches are in urban areas, 247 branches are in semi-urban areas, and 106 branches are in rural areas. The bank has wide presence in South India and further diversifying branches in other states of India, with 90 branches located in the states of Maharashtra, Gujarat, Karnataka and Andhra Pradesh respectively.
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