Private lender Tamilnad Mercantile IPO subscribed over THIS MUCH times on second day

New Delhi: Private lender Tamilnad Mercantile’s Initial Public offering (IPO) saw over 1.53 times subscription on the second day of the three-day subscription period. The IPO will conclude on Wednesday. The price band of the IPO is Rs 500-525 per share. It is to be noted that the IPO was fully subscribed in early trade.

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The IPO of Tuticorin-based private bank received an 83 % subscription on the first day on Monday. The bank mobilized a little over Rs 363 crore from anchor investors on Friday. Till now it has seen bids of Rs 1,33,68460 against 87,12, 000 shares on offers.

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The retail Individual Investors (RIIs) category received 3.61 times subscription. The portion for non-institutional investors got subscribed 1.27 times and the Qualified Institutional Buyers (QIBs) quota was subscribed 98 per cent.

What is Initial Public Offering?

An Initial Public Offering (IPO) is a process to offer shares of the company in exchange of money to the public investors. It means to make a private company into public by allowing others to become part of it. IPO allows a company to raise funds from public investors.

It’s a major tool in the startup age to expand the business horizon and to upgrade existing facilities.

(With PTI inputs)