Tamilnad Mercantile Bank IPO share listing today- Flat listing on BSE, NSE; stock debuts at Rs 510 per share

Tamilnad Mercantile Bank IPO share listing today: Flat listing on BSE, NSE; stock debuts at Rs 510 per share

Tamilnad Mercantile Bank’s shares saw a flat listing on the stock exchanges today amid the tepid market momentum. Shares of the company began trading on the BSE at Rs 510 apiece from the IPO price of Rs 500-525 apiece per share. At the time of listing, the company had a market capitalisation of Rs 8,075.92 crore. The company launched its Rs 831-crore initial public offering (IPO) from September 5-7, 2022. The public issue was subscribed 2.86 times over the 87 lakh shares that were on offer during the subscription period. Tamilnad Mercantile Bank had initially planned an offer for sale (OFS) by existing investors, which was later withdrawn and the bank proceeded with a fresh issue.

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Tamilnad Mercantile Bank was incorporated on May 11, 1921 is headquartered at Thoothukudi (Tamil Nadu, India), is one of the oldest and leading old private sector banks in India, with a history of close to 100 years. The bank reported deposits of Rs 44,930 crore and advances of Rs 33,490 crore as of March 2022. As of March 2022, the private sector lender has 509 branches, of which, 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. It had a customer base of around 5.08 million as of March 2022. Of which, nearly 80 per cent comprised customers who were associated with the bank for more than five years.