The quota for Retail Individual Investors (RIIs) was subscribed 1.53 times, while that for Qualified Institutional Buyers (QIBs) received 73% subscription and non institutional investors 58%.
The initial public offer of 1.58 crore equity shares is in a price range of ₹500-525 per share.
Private sector lender Tamilnad Mercantile Bank on Friday mobilized a little over ₹363 crore from anchor investors. The issue will conclude on September 7.
At the upper end of the price band, the bank is expected to mobilize ₹831.6 crore through the IPO.
The Thoothukudi-based bank proposes to utilize the proceeds from the issue for augmenting its TierI capital base to meet future capital requirements.
It offers a wide range of banking and financial services primarily to micro, small and medium enterprises (MSME), agricultural and retail customers. , Investment Advisors and SBI Capital Markets are the managers to the offer.