Tamilnad Mercantile Bank IPO GMP Today: Tamilnad Mercantile Bank raised Rs 831.60 crore through its public issue, which was subscribed 2.86 times on September 5-7. As it is a fresh issue, the entire money will be utilised by the company to augment its tier-I capital base to meet future capital requirements.
The IPO was launched with a price band of Rs 500-525 a share.
Tamilnad Mercantile Bank IPO: Subscription Status
The Qualified Institutional Buyers (QIBs) category was subscribed 1.62 times. The Non-Institutional Investors (NIIs) category was subscribed 2.94 times. The Retail Individual Investors (RIIs) category was subscribed 6.48 times.
Tamilnad Mercantile Bank IPO: Share Allotment Process
The finalization of basis of share allotment of Tamilnad Mercantile Bank IPO is expected to take place next week on Monday, September 12, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, September 14, 2022. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here.
Tamilnad Mercantile Bank IPO: Valuation
“At the current valuation, TMB is seen demanding a richer valuation compared to its peers given that TMB is outperforming its peers on the majority of financial parameters,” Narendra Solanki, Head–Equity Research, Anand Rathi Shares & Stock Brokers, said. Considering its consistency in performance and the healthy return ratio, the brokerage had recommended a “subscribe- long term” rating to the IPO.
Overall market sentiments also affected the premium to some extent, the experts feel.
CSB Bank, DCB Bank, Karur Vysya Bank, and Karnataka Bank were available at P/E of 3.4-8.0 their FY22 earnings.
In the last couple of weeks, the equity market has corrected and remained range-bound after hitting psychological levels — 60,000 on the BSE Sensex and near 18,000 on the Nifty50 amid nervousness among global peers.
Tamilnad Mercantile Bank IPO: GMP Today
As per market observers, Tamilnad Mercantile Bank shares are available at a premium (GMP) of Rs 23 in the grey market today, higher from ₹20 yesterday. The shares of the company are expected to list on stock exchanges BSE and NSE on Thursday, September 15, 2022.
Tamilnad Mercantile Bank is one of the oldest and leading old private sector bank headquartered at Thoothukudi, Tamil Nadu with a history of over 100 years. 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 these 509 branches, 76 branches are in metropolitan areas, 80 branches are in urban areas, 247 branches are in semi-urban areas, and 106 branches are in rural areas. The bank has wide presence in South India and further diversifying branches in other states of India, with 90 branches located in the states of Maharashtra, Gujarat, Karnataka and Andhra Pradesh respectively.
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