From 9.15 am onwards, investors are able to buy Tamilnad Mercantile Bank’s shares from BSE and NSE
Tamilnad Mercantile Bank IPO Listing Today: Tamilnad Mercantile Bank (TMB) is witnessing the listing of its shares on India’s stock exchanges on Thursday (September 15). The initial public offering (IPO), which saw the issuance of 15.8 million shares at Rs 500-525 apiece earlier in September, was oversubscribed 2.8 times. Tamilnad Mercantile Bank will utilise the funds raised through the IPO for meeting its future capital requirements. Here’re details about its listing:
Read More: Differences Between A Fixed And Recurring Deposit
Tamilnad Mercantile Bank IPO’s Listing Timing
Both exchanges NSE and BSE are regularly open for buying or selling shares between 9.15 am to 3.30 pm. The share market opens at 9.00 am but that is a pre-opening session where previous trades are settled till 9.15 am. From 9.15 am onwards, investors are able to buy Tamilnad Mercantile Bank’s shares from BSE and NSE.
Tamilnad Mercantile Bank IPO’s Listing Price
Going by the grey market premium of Tamilnad Mercantile Bank’s unlisted shares on Wednesday, the shares on the BSE and NSE are expected to open at a premium. Tamilnad Bank IPO GMP (grey market premium) on Wednesday was Rs 15, indicating that its shares are expected to open at a premium of Rs 15 today. Stock market experts, however, said GMP is not an ideal indicator about the possible premium on the listing date. They said that grey market premium is completely speculative and it has no fundamental connection with the stock. They advised allottees to stick with their conviction and suggested following what its balance sheet says.
Tamilnad Mercantile Bank IPO’s Subscription
Tamilnad Mercantile Bank IPO’s 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.
Read More: Want to open an NPS account online? Here’s a quick guide on how to manage account, get ePran card
Tamilnad Mercantile Bank IPO Valuation
Anand Rathi Shares & Stock Brokers had recommended a “subscribe-long term” rating to the IPO because of its consistency in performance and the healthy return ratio. Its Head (Equity Research) Narendra Solanki said Tamilnad Mercantile Bank, at the current valuation, is seen demanding a richer valuation compared to its peers given that TMB is outperforming its peers on the majority of financial parameters.
About Tamilnad Mercantile Bank
Tamilnad Mercantile Bank is an over 100-year-old private sector bank headquartered at Thoothukudi, Tamil Nadu. 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 a 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.
