Tamilnad Mercantile Financial institution IPO subscribed 0.8x on first day of problem

Tamilnad Mercantile Financial institution’s (TMB’s) preliminary public providing (IPO) was subscribed almost 0.8x on Monday — the primary day of the difficulty.

Most bids have come from retail and institutional traders.

On Friday, the lender had allotted Rs 363 crore value of shares to anchor traders at Rs 525 apiece.

The worth band for the IPO is Rs 500-525 per share. Additionally Learn: Analysts say ‘subscribe’ to Tamilnad Mercantile Financial institution IPO: Learn to know why

TMB is seeking to problem 15.84 million recent shares within the IPO. On the higher finish of the worth band, the financial institution will increase Rs 832 crore and can be valued at Rs 8,314 crore.

TMB plans to utilise the IPO proceeds to enhance its tier I capital base.

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First Revealed: Mon, September 05 2022. 17:36 IST