Tamilnad Mercantile Bank Shares Listing: The shares of Tamilnad Mercantile Bank IPO got listed today and this has disappointed the investors. The shares of Tamilnad Mercantile Bank are listed on the BSE at Rs 510 and it is a flat listing against the issue price of Rs 510. At the same time, its shares have been listed on NSE with a discount of 3 percent and it is listed at Rs 495 per share. In this sense, investors have not got any listing gain and it is listed at a discount.
Know about Tamilnad Mercantile Bank IPO
The IPO of Tamilnad Mercantile Bank was open for subscription from 5 September 2022 to 7 September 2022. The price band of this IPO was kept at Rs 510 per share. This IPO was worth Rs 832 crore. According to the documents given by the bank, it issued 1.58 crore new shares in the IPO.
Tamilnad Mercantile Bank IPO subscribed
The IPO of Tamilnad Mercantile Bank was subscribed only 2.86 times. There was apathy on the part of institutional investors. The quota reserved for institutional investors was subscribed 1.62 per cent. The quota of non-institutional investors was subscribed 2.94 times. The quota of retail investors was subscribed 6.48 times. In the IPO, 10 percent quota was kept reserved for retail investors.
Know about Tamilnad Mercantile Bank
100 years old Tamilnad Mercantile Bank is one of the oldest banks in the country. This bank provides loans especially to MSME, agriculture and retail sectors. As of March 2022, the bank has received Rs 44,930 crore as deposits and disbursed Rs 33,490 crore as loans. The profit of the bank in the 2022 financial year was Rs 820 crore. The bank has 509 branches in which 106 are located in rural areas, 247 in semi-urban areas, 80 in urban and 76 in metro cities. The bank has 369 branches in Tamil Nadu only.