Tamilnad Bank IPO subscribed 1.5x on Day 2, issue closes Wednesday

The priced band for the IPO is Rs 500-525 per share

Tamilnad Mercantile Bank, TMB
TMB is looking to issue 15.84 million fresh shares in the IPO
BS Reporter
1 min read Last Updated : Sep 06 2022 | 10:35 PM IST
Tamilnad Mercantile Bank’s (TMB) initial public offering (IPO) was subscribed nearly 1.5 times on Tuesday. The issue closes on Wednesday. The retail and institutional investor portion of the issue are subscribed 3.5 times and 1 time, respectively. The wealthy investor portion is subscribed 1.25 times.

The priced band for the IPO is Rs 500-525 per share. TMB is looking to issue 15.84 million fresh shares in the IPO. At the top-end of the price band, the bank will raise Rs 832 crore and will be valued at Rs 8,314 crore.

The lender has already allotted Rs 363 crore worth of shares to anchor investors at Rs 525 apiece. The IPO proceeds will help TMB to augment its tier-I capital base.

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :IPOStock MarketTamilnad Mercantile Bankinitial public offeringsBanking sectorIPO activityshare marketbanking regulationIndia IPO

Next Story