Tamilnad Mercantile Bank‘s initial public offering (IPO) raised up to Rs 832 crore and was 3% subscribed in the first 30 minutes on Monday, the first day of the bidding process. TMB – one of the country’s oldest private sector lenders – will bid 28 times in the 500-525 rupees price range under the IPO, with the subscription window to close on September 7.

The IPO had received bids for 2.7 lakh Tamilnad Mercantile shares as of 10.30 am, compared with 87.1 lakh in the offering, according to preliminary exchange data.

One Tamilnad Mercantile Bank share is worth Rs 14,000-14,700.

On Friday, Tamilnad Mercantile Bank said it had raised Rs 363.5 crore by allocating 71.3 lakh shares to anchor investors at Rs 510 per share. Its main investors include Nomura Securities, Societe Generale, Max Life Insurance, Kotak Mahindra Life Insurance and Bajaj Allianz Life.

Tamilnad Mercantile Bank’s initial share offering on Dalal Street is the third in three weeks after a near three-month lull.

Last month, the IPOs of Syrma SGS Technology and DreamFolks Services received a strong response from investors, closing at 32.6 and 56.7 times their shares on issue, respectively. Syrma stock made a strong debut on the secondary market, closing the day at a premium of about 42% to its issue price.

Several brokerages suggested subscribing to the Tamilnad Mercantile Bank IPO.

Yes Securities has assigned a “subscribe” rating to the IPO, citing that the lender’s asset quality outcome has reached a stage where it can be considered stable and benign. This is also conducive to TMB’s reasonable loan growth performance and operating expense control results.

Investmentz also recommends a long-term subscription to the issue.

“TMB can be a good investment conduit because of its healthy asset quality, robust risk management systems, basic retail banking infrastructure and large growth markets. However, if the judgment is unfavourable for TMB, pending legal issues may Will affect TMB. Banks,” the broker said.