After the three days of IPO (initial public offer) of Tamilnad Mercantile Bank, subscribed 2.86 times on the last day of subscription that closed on Wednesday (7 September). The Rs 831crore public offer received bids for 2,49,39,292 shares compared to 87,12,000.

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On 12 September 2022, the finalisation of share allotment of Tamilnad Mercantile Bank IPO is expected to take place next week. Then on 14 September, the shares are allotted, which will credit to the Demat account of bidders. On the official website of the registrar named Link Intime Private Limited, all details of the allotment application can also be checked on the BSE website. On 15 September, the shares were available at a premium (GMP) of Rs 23 in the grey market, higher from Rs 20 yesterday.

The price band was fixed at Rs 500-525 per share. The Tuticorin-based had mobilised a little over Rs 363 crore from anchor investors ahead of its share sale. Tamilnad Mercantile Bank IPO is a fresh issue of 1.58 crore equity shares. The bank proposes utilising the issue’s proceeds to augment its Tier–I capital base to meet future capital requirements.