Tamilnad Mercantile Bank shares list at 3% discount to IPO price

New Delhi: Shares of Tamilnad Mercantile Bank (TMB) saw a muted debut on Dalal street on Thursday as the private lender got listed at Rs 495 on NSE, a discount of 3 per cent against its issue price of Rs 510 per share. Meanwhile, its shares were listed at par on BSE.

A day before listing, shares of Tamilnad Mercantile Bank were trading at a premium of Rs 10-12 in the grey market, signalling a flat listing for the company.

The Rs 807.85-crore initial public offering (IPO) of Tamilnad Mercantile Bank, which was sold in the range of Rs 500-525 apiece, received a dull response from investors as it was subscribed 2.86 times.


The quota reserved for retail bidders was subscribed 6.48 times while the quotas reserved for non-institutional investors (NIIs) and qualified institutional buyers (QIBs) were subscribed 2.94 times and 1.62 times, respectively.

Incorporated in 1921, Tamilnad Mercantile Bank offers an array of banking and financial services to retail customers, micro, small, and medium enterprises (MSMEs), and more.

TMB is among the oldest private sector banks in India, having 509 branches as of March 31, 2022. The bank is focused and concentrated in South India but is now diversifying in the states of Maharashtra, Gujarat, Karnataka and Andhra Pradesh.