Tamilnad Mercantile Bank IPO gets fully subscribed on Day 2. Check details

Tuticorin-based Tamilnad Mercantile Bank’s initial public offering (IPO) has got fully subscribed on the second day of subscription. According to an update with the National Stock Exchange at 10.51 am on Tuesday, the IPO received bids for 88.32 lakh shares against 87.12 lakh shares on offer, PTI reported.

The retail individual investors (RII) category received 2.15 times subscription, while the portion for non-institutional investors got subscribed 84 per cent and the quota of qualified institutional buyers was subscribed 73 per cent.

The initial public offer of the company’s 1.58 crore equity shares has a price band of 500-525 per share. On first day, the IPO had received 83 per cent subscription.

The company has mobilised over 363 crore from the anchor investors ahead of the subscription opening, PTI report stated.

Societe Generale, Nomura Singapore, Bajaj Allianz Life Insurance Company, Max Life Insurance Company, Kotak Mahindra Life Insurance Company and Moneyewise Financial Services are among the anchor investors.

The subscription date ends on Wednesday i.e September 7. The company’s equity shares are proposed to be listed on both the Bombay Stock Exchange and the National Stock Exchange.

The TMB is one of the oldest private sector banks in India. It offers a wide range of banking and financial services to micro, small and medium enterprise, agriculture and retail customers.

With a history of over 100 years, the bank has 509 branches as of March 2022. Out of these, 106 branches are in rural areas, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. The bank had a customer base of around 5.08 million as of March 2022.

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