 "Tamilnad Mercantile Bank, TMB")
The initial public offering (IPO) of Tamilnad Mercantile Bank (TMB) garnered nearly three times subscription.
The qualified institutional buyer (QIB) segment of the issue was subscribed 1.62 times, high networth individual 2.94 times and retail portion was subscribed nearly 6.5 times.
The response was muted when compared to previous two IPOs to hit the market. Based in Thoothukudi, Tamil Nadu, TMB is one of the country’s oldest private sector lenders.
The bank had priced its shares at Rs 500-525 apiece in the IPO. It had allotted shares worth Rs 363 crore to anchor investors at Rs 510 apiece ahead of
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