The ₹₹831.60 crore initial public offering of Tamlinad Mercantile Bank was subscribed 2.86 times on Wednesday – the final day of bidding. The issue received bids for 24.9 million shares as against 8.7 million shares on offer.
The retail investors’ category was subscribed 6.48 times, while the portions set aside for non-institutional and qualified institutional investors were subscribed 2.94 times and 1.62 times, respectively.
The public issue was sold in the price band of ₹500-525. The private lender raised ₹363.53 crore on Friday by allotting 71,28,000 shares to 10 anchor investors at ₹510 apiece.
Some of the anchor investors include Bajaj Allianz Life Insurance, Nomura, Max Life Insurance, Kotak Mahindra Life Insurance and Societe Generale.
