Tamilnad Mercantile Bank IPO: Listing Date Tomorrow On Sept 15: Check Details

The Tamilnad Mercantile Bank IPO's listing date has been fixed to be September 15, 2022, tomorrow, on BSE and NSE. Its IPO of up to 15,840,000 equity shares will have a face value of Rs. 10 each. The offer is comprising of a fresh issue of 15,827,495 equity shares, along with an offer for sale of up to 12,505 equity shares comprising an offer for sale of up to 5,000 equity shares. The Tamilnad Mercantile Bank IPO was allotted on September 12, 2022, where the bank raised Rs. 831.60 crore. The IPO was launched with a price band of Rs. 500- Rs. 525 per share.

The grey market is also looking forward to the debut of Tamilnad Mercantile Bank shares. According to available observations, Tamilnad Bank IPO GMP (grey market premium) was available at Rs. 15 yesterday. Till yesterday, the IPO GMP gained from Rs. 7 to Rs. 15 in the last two days, dalal street is having a bullish sentiment regarding the IPO.

On day 1, the qualified institutional buyers (QIBs) subscribed 1.62 times, non-institutional investors (NIIs) subscribed 2.94 times, and retail individual investors (RIIs) subscribed 6.48 times. The IPO's lot size is 28 shares.