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Tamilnad Mercantile Bank IPO Allotment Tomorrow: How to Check Status; Know GMP

By: Business Desk

News18.com

Last Updated: September 11, 2022, 15:48 IST

New Delhi, India

The unlisted shares of Tamilnad Mercantile Bank were trading at Rs 530 apiece on Sunday (September 11).

The unlisted shares of Tamilnad Mercantile Bank were trading at Rs 530 apiece on Sunday (September 11).

The IPO was launched with a price band of Rs 500-525 a share; those who got the IPO be allotted the shares on Monday (September 12)

Tamilnad Mercantile Bank IPO, which was opened for public subscription between September 5 and September 7, was subscribed 2.86 times. It raised Rs 831.60 crore through its public issue. The IPO was launched with a price band of Rs 500-525 a share. Those who got the IPO be allotted the shares on Monday (September 12). Here’s how you can check your IPO allotment status:

Tamilnad Mercantile Bank IPO GMP

The unlisted shares of Tamilnad Mercantile Bank were trading at Rs 530 apiece on Sunday (September 11), which is Rs 5 higher than the upper limit of the IPO price band, according to the latest GMP price available on ipowatch.com.

Grey Market is an unofficial market where individuals buy/sell IPO shares before they officially hit the exchanges. GPM is a premium amount at which grey market IPO shares are traded and it reflects how the IPO is likely to react on its listing day.

Tamilnad Mercantile Bank IPO’s Subscription

The qualified institutional buyers (QIBs) category was subscribed 1.62 times. The Non-Institutional Investors (NIIs) category was subscribed 2.94 times. The Retail Individual Investors (RIIs) category was subscribed 6.48 times.

How to check Tamilnad Mercantile Bank IPO Share Allotment Status

The finalisation of the basis of share allotment of Tamilnad Mercantile Bank IPO is going to take place on Monday (September 12). If allotted, the credit of shares to demat account of bidders will be done on Wednesday (September 14). The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar’s website here or on the BSE website here.

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

Step 2: Select ‘equity’ option and then issue name – ‘Tamilnad Mercantile Bank IPO’ 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 Allotment Status Check on Link Intime India Private Limited

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

Step 2: On this page enter the issue name, which is Tamilnad Mercantile Bank IPO, once activated

Step 3: Enter Pan Card details

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

Step 5: After filling all the boxes with the right details, hit submit to know the allotments status.

Tamilnad Mercantile Bank IPO Valuation

At the current valuation, TMB is seen demanding a richer valuation compared to its peers given that TMB is outperforming its peers on the majority of financial parameters, Narendra Solanki, head (equity research) at Anand Rathi Shares & Stock Brokers, said. The brokerage had recommended a “subscribe-long term" rating to the IPO because of its consistency in performance and the healthy return ratio.

In the last couple of weeks, the equity market has corrected and remained range-bound after hitting psychological levels — 60,000 on the BSE Sensex and near 18,000 on the Nifty50 amid nervousness among global peers.

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first published:September 11, 2022, 15:34 IST
last updated:September 11, 2022, 15:48 IST
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