Tamilnad Mercantile Bank IPO: Here’s how to check allotment status and GMP
Tamilnad Mercantile Bank is among the oldest private lenders of the country and offers a range of banking and financial services primarily to micro, small and medium enterprises, agricultural and retail customers.
The lender has a customer base of 50.8 million, of which 41.8 lakh or about 85 per cent, comes from Tamil Nadu itself. However, it has a presence in Gujarat, Maharashtra, Karnataka, Andhra Pradesh and Delhi.
The lender had 509 branches, 106 of which are located in the rural areas, whereas 247 in semi-urban locations, 80 in urban and 76 in metropolitan centres as of March 31, 2022.
Last heard, the shares of Tamilnad Mercantile Bank were commanding a premium of Rs 25-30 in the grey market. The premium in the unofficial market has been moving higher than the announcement of the issue.
The company’s Rs 832 crore primary offering was sold in the range of Rs 500-525 per equity share. The issue had received a muted response from all the categories of investors, subscribing 2.86 times between September 5-7.
The quota reserved for qualified institutional buyers (QIBs) was subscribed only 1.62 times, while the one reserved for non-institutional investors (NIIs) and retailers was subscribed 2.94 times and 6.48 times, respectively.
Most analysts said the asking valuations were attractive when compared with peers, but the bank’s future growth would be subject to pending legal actions. Some of them had a subscribe rating on the issue with a long-term view.
Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit
https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Tamilnad Mercantile Bank Ltd in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on ‘I am not a Robot’ and hit submit.
You can also check the allotment status on the online portal of Link Intime India
Private Limited (
https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications, and carries out the allotment process as per the prospectus.
The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatch, and uploading of refunds, and attending to all investor-related queries after the issue is completed.
1) Go to the web portal of Link Intime India Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Client ID or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
Bidders who could not get allotment in the IPO may see the initialization of refunds on September 13. Others, who would be allotted shares may see the credit of shares in the demat account by September 14. The listing of the IPO is likely on September 15.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.