Tamilnad Bank IPO subscribed 1.5x on Day 2, issue closes Wednesday

Tamilnad Mercantile Bank’s (TMB) initial public offering (IPO) was subscribed nearly 1.5 times on Tuesday. The issue closes on Wednesday. The retail and institutional investor portion of the issue are subscribed 3.5 times and 1 time, respectively. The wealthy investor portion is subscribed 1.25 times.

The priced band for the IPO is Rs 500-525 per share. TMB is looking to issue 15.84 million fresh shares in the IPO. At the top-end of the price band, the bank will raise Rs 832 crore and will be valued at Rs 8,314 crore.

The lender has already allotted Rs 363 crore worth of shares to anchor investors at Rs 525 apiece. The IPO proceeds will help TMB to augment its tier-I capital base.