New Delhi: Tamilnad Mercantile Bank shares made a debut today. Shares of the company got listed at Rs 495 on NSE, a discount of 3 per cent against its issue price of Rs 510 per share.
On the BSE, the stock started trading at ₹500 per share, later surged to ₹519 in afternoon deals.
The initial public offer (IPO) of Tamilnad Mercantile Bank got subscribed 2.86 times on the last day of subscription. The ₹831.6-crore public offer received bids for 2,49,39,292 shares against 87,12,000 shares on offer.
Retail individual investors’ category received 6.48 times subscription, while the quota for non-institutional investors was subscribed 2.94 times. Tamilnad Mercantile Bank IPO’s qualified institutional buyers (QIBs) category was subscribed 1.62 times.
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 (TMB) is one of the oldest private sector banks with a history of 101 years, having been established in 1921 as Nadar Bank. The Tuticorin-based bank 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 509 branches 369 are in the home state of Tamil Nadu, which fetches over 70% of business and the rest of the branches are spread across 15 states and four Union territories.
The bank has a wide presence in South India and is further diversifying branches in other states of India.
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