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

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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.

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.

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)