Banking - Listed on 15 September 2022
Tamilnad Mercantile Bank (Banking) closed its IPO window in 2022 and listed on NSE and BSE on 15 September 2022 at an upper band issue price of Rs 510, opening at Rs 509.64 for a listing gain of -0.1% and closing day one at Rs 493 (-3.3% on closing basis). The IPO was subscribed 2.09x overall - QIB 3.30x, HNI/NII 0.56x, Retail 0.77x. The total issue size was Rs 2,800 Cr (Fresh Issue Rs 2800 Cr, OFS Rs 0 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Banking
Tamilnad Mercantile Bank operates in the Banking space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The Tamilnad Mercantile Bank issue was offered at an upper price of Rs 510 and raised approximately Rs 2,800 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 25 | +4.90% |
| Day 2 | Rs 25 | +4.90% |
| Day 3 | Rs 25 | +4.90% |
| Day 4 | Rs 20 | +3.92% |
| Day 5 | Rs 15 | +2.94% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the Tamilnad Mercantile Bank IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Tamilnad Mercantile Bank IPO listed at -0.1% versus the upper issue price of Rs 510 on 15 September 2022.
Tamilnad Mercantile Bank IPO was subscribed 2.09x overall. QIB portion was subscribed 3.30x, HNI / NII 0.56x and Retail 0.77x.
IPO GMP started at Rs 25 on Day 1 and moved to Rs 15 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.