On Tuesday, the Initial Public Offer (IPO) of Tamilnad Mercantile Bank got subscribed completely on its second day of subscription. According to an update available by NSE till 10:51, for 88, 32,292 shares bid of Rs 831.6-crore were received, against 87, 12,000 shares on offer. 84% of the portion was subscribed to non-institutional investors, and 73% of the quota was subscribed by Qualified Institutional Buyers (QIBs). Whereas, Retail Individual Investors (RIIs) received a 2.15-time subscription.

The Initial Public Offer (IPO), having 1.58 crore equity shares, costs around Rs 500-525 a share. On the first Monday, 83 per cent of subscriptions were received to the IPO of Tamilnad Mercantile Bank. On Friday, private sector lender Tamilnad Mercantile Bank mobilised over Rs 363 crores from anchor investors. On Friday, Tamilnad Mercantile Bank, a private sector lender, mobilised slightly more than Rs 363 crore from anchor investors.

Some anchor investors include Moneywise Financial Services, Bajaj Allianz Life Insurance Company, Kotak Mahindra Life Insurance Company, Max Life Insurance Company, Societe Generale, and Nomura Singapore.

The TMB is a Tamil Nadu-based bank established in 1921 as the Nadar Bank; later on, the company’s name was changed to Tamilnad Mercantile Bank. TMB is one of the oldest banks in India, dating back to the early 1900s. Chiefly, the bank provides services to micro, small and medium enterprises, retail customers, and agriculture. The end date for the subscription is on September 7, company’s equity shares will be listed on the Bombay Stock Exchange and the National Stock Exchange.