The initial public offer (IPO) of Tamilnad Mercantile Bank received 83% subscription on the first day on Monday. The IPO received bids for 72,56,228 shares against 87,12,000 shares on offer, according to data available with the NSE.

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.

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By Dipak

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