Tamilnad Mercantile Bank IPO
Tamilnad Mercantile Bank Limited (TMB) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 15 September 2022.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -2.5% (likely range -8% to +7%), day's high +1.5%, chance of a gain 33%. Actual: -2.9% at the open, +1.0% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 47,52,000 | 76,86,392 | 1.62x | |
| NII (HNI) total | 23,76,000 | 69,89,920 | 2.94x | |
| Big NII (above ₹10 lakh) | 15,84,000 | 49,09,940 | 3.10x | |
| Small NII (₹2-10 lakh) | 7,92,000 | 20,79,980 | 2.63x | |
| Retail | 15,84,000 | 1,02,62,980 | 6.48x | |
| Total | 87,12,000 | 2,49,39,292 | 2.86x |
Bids on NSE and BSE together, as published by NSE, as of 07 Sep 2022, 06:57 PM. Shares offered exclude the anchor portion. 32% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Tamilnad Mercantile Bank's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Bharat Road NetworkSep 2017 | 1.33x | 1.63x | 5.69x | 1.81x | ₹1,276 Cr | 0.0% | +6.8% |
| Veranda Learning SolutionsMar 2022 | 2.02x | 3.87x | 10.8x | 3.53x | ₹325 Cr | -8.8% | -4.2% |
| Shriram PropertiesDec 2021 | 1.85x | 4.82x | 12.7x | 4.60x | ₹627 Cr | -23.7% | -9.8% |
| Suryoday Small Finance BankMar 2021 | 2.18x | 1.31x | 3.09x | 2.37x | ₹582 Cr | -4.3% | -2.8% |
| Craftsman AutomationMar 2021 | 5.21x | 2.84x | 3.43x | 3.81x | ₹824 Cr | -8.8% | 0.0% |
| CMS Info SystemsDec 2021 | 1.98x | 1.45x | 2.15x | 1.95x | ₹1,159 Cr | +1.9% | +20.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Axis Capital | 107 | +20.4% | 73% |
| Motilal Oswal Investment Advisors | 47 | +15.0% | 72% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Tamilnad Mercantile Bank IPO price band and lot size? ₹500–525 per share, with a lot of 28 shares, so the smallest retail bid is ₹14,700.
How many times has it been subscribed? 2.86x overall: QIB 1.62x, NII 2.94x, retail 6.48x.
How did it list? It opened at ₹495, -2.9% against the issue price of ₹510, and closed its first day -0.1%.
