Tamilnad Mercantile Bank IPO Share Allotment: Check status online on BSE, Link Intime India | Full timeline

Tamilnad Mercantile Bank IPO Allotment Status Check: Share allotment for Tamilnad Mercantile Bank IPO that closed on Wednesday (September 9) will begin on Monday, September 12. The initial public offering was subscribed 2.86 times on the last day of the opening of subscription. The Rs 831-crore public offer received bids for 2,49,39,292 shares against 87,12,000 shares on offer. The portion reserved for retail investors was subscribed 6.48 times. Non-Institutional Investors and Qualified Institutional Buyers (QIBs) subscribed the issue 2.97 times and 1.62 times respectively on Wednesday.   

The Tuticorin-based bank had set a price band of Rs 500-525 per share for the IPO. On the upper end of the price band, the company aims to raise around Rs 831.60 crore from the issue. Tamilnad Mercantile Bank's IPO is entirely a fresh issue.   

Tamilnad Mercantile Bank IPO is a fresh issue of 1.58 crore equity shares. As much as 75 per cent of the issue has been reserved for qualified institutional investors, 15 per cent for the non-institutional investors and the remaining 10 per cent for retail investors. 

The company has decided to allocate 71.28 lakh equity shares to anchor investors at Rs 510 apiece, aggregating the transaction size to Rs 363.53 crore, according to a circular uploaded on the BSE website.        

Meanwhile, as the share allotment begins on Monday, those who have applied for the IPO can check status online on BSE and registrar's website—Link Intime India Private Ltd. 

How to check Tamilnad Mercantile Bank IPO Share Allotment Status on BSE  

Step 1: Go to https://www.bseindia.com/investors/appli_check.aspx.     

Step 2: Select ‘equity’ option and then issue name – ‘Tamilnad Mercantile Bank’ from the dropdown   

Step 3: Enter your application number and PAN card number.     

Step 4: Check 'I am not a robot' and hit submit to know the status.   

Tamilnad Mercantile Bank IPO Share Allotment Status Check on Link Intime India Private Limited  

Sep 1: Go to https://www.linkintime.co.in/MIPO/Ipoallotment.html     

Step2: On this page enter the issue name, which is Tamilnad Mercantile Bank, once activated   

Step 3: Enter Pan Card details   

Step 4: Proceed to the next step and enter the application number and finally client ID   

Step5: After filling all the boxes with the right details, hit submit to know the allotments status.   

One of the oldest private sector banks in the country with a history of almost 100 years, Tamilnad Mercantile Bank offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSME), agricultural and retail customers.  As per the company, the bank has 509 branches, of which, 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres as of March 2022.   

Tamilnad Mercantile Bank IPO Full Timeline 

Tamilnad Mercantile Bank IPO start date: September 5, 2022 

Tamilnad Mercantile Bank IPO closing date: September 7, 2022 

Tamilnad Mercantile Bank IPO allotment: September 12, 2022 

Tamilnad Mercantile Bank IPO refund initiation: September 13, 2022 

Tamilnad Mercantile Bank IPO allotment finalisation: September 14, 2022 

Tamilnad Mercantile Bank IPO listing date: September 15, 2022 

Note: Dates as per discount broker Upstox 

The bank proposes to utilise the proceeds from the IPO for augmenting its Tier-I capital base to meet future capital requirements. 

Earlier, Zee Business Managing Editor Anil Singhvi had recommended to avoid the issue.