Tamilnad Mercantile Bank IPO
Poor investor response to Tamilnad Mercantile Bank’s IPO, subscribed 2.86 times
Tamilnad Mercantile Bank IPO Update:
The IPO has been subscribed only 2.86 times. But that IPO has got a great response from retail investors.
Tamilnad Mercantile Bank IPO Subscription: The IPO of Tamilnad Mercantile Bank, one of the oldest banks in the country, closed today. Tamilnad Mercantile Bank’s IPO has received a muted response. The IPO has been subscribed only 2.86 times. However, the IPO has received a great response from retail investors.
How much subscribed Tamilnad Mercantile Bank IPO?
There was apathy from institutional investors in Tamilnad Mercantile Bank. The quota reserved for institutional investors is 1.62 percent subscribed. So the quota of non-institutional investors is subscribed 2.94 times. The retail investors’ quota has been subscribed 6.48 times. In the IPO, a 10 percent quota was kept reserved for retail investors.
History of 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 of 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.
Recent IPO did better
Syrma SGS Tech IPO has got a great listing in the market. So Dreamfolks IPO has also given great returns to the investors. Now it has to be seen how the listing of Tamilnad Mercantile Bank is.
