InvestorQ : How was the first day listing performance of Tamilnad Mercantile Bank?
Aditi Sharma made post

How was the first day listing performance of Tamilnad Mercantile Bank?

Answer
image
Mahima Roy answered.
3 weeks ago
Follow

On Friday, the 15th of September 2022, Tamilnad Mercantile Bank (TMB) had a very sober and tepid listing at a small discount of 2.94% on the NSE. However, the closing was flat, but we will come back to that later. The TMB IPO had an overall subscription of 2.86X with the QIB subscription at 1.62X. You can call it tepid at best. The IPO had a price band of Rs500 to Rs525 and the discovered price was at Rs510. That was the price at which the bank had done the anchor placement to anchor investors, a day ahead of the IPO opening.

On 15th September 2022, Tamilnad Mercantile Bank listed on the NSE at Rs.495, a discount of 2.94% below the issue price of Rs.510. In contrast, the stock listed at the issue price at Rs.510 on the BSE. The closing price on the NSE was exactly at the issue price of Rs510 while on the BSE, the stock closed at Rs.508.45. During the day on NSE, the stock of TMB touched a high of Rs.515 and an intraday low of Rs.481. On the BSE, the stock made a high of Rs519 and an intraday low of Rs484.50. You can almost call it an uneventful listing on bourses.

Let us turn to the trading volumes on Day-1. On the NSE, Tamilnad Mercantile Bank stock traded a total of 21.44 lakh shares amounting to value of Rs.107.77 crore. On the BSE, the stock of TMB traded a total of 2.24 lakh shares amounting to value of Rs.11.34 crore. On listing day, TMB did not rank among the most active share by traded value or even by traded volumes, either on the NSE or on the BSE. At the close of listing day, Tamilnad Mercantile Bank had a market capitalization of Rs.8,051 crore and free-float market cap of Rs.483 crore.

2 Views