ipo: Tamilnad Mercantile Bank IPO: Here’s how to check allotment status and GMP

NEW DELHI: Tamilnad Mercantile Bank (TMB), whose initial public offering (IPO) received mixed response during the three-day bidding process, is expected to announce its allotment status on Monday, September 12.

Tamilnad Mercantile Bank is one of the oldest private lenders in the country, providing a range of banking and financial services primarily to micro, small and medium sized enterprises, agricultural and retail customers.

The lender has a customer base of 50.8 million, of which 41.8 lakh, or about 85 percent, are from Tamil Nadu itself. However, it is present in Gujarat, Maharashtra, Karnataka, Andhra Pradesh and Delhi.

The lender had 509 branches as of March 31, 2022, of which 106 are in rural areas, while 247 are in semi-urban locations, 80 in urban locations and 76 in metropolitan areas.

Last heard Tamilnad Mercantile Bank shares made a premium of Rs.25-30 in the gray market. The over-the-counter premium moves higher than the issuance announcement.

The Company’s primary offering of Rs 832 crore was sold in the range of Rs 500-525 per share. The issue had received a muted response from all categories of investors, who subscribed 2.86 times between September 5th and 7th.

Quota reserved for qualified institutional buyers (QIBs) was subscribed only 1.62 times, while quota reserved for non-institutional investors (NIIs) and retailers were subscribed 2.94 times and 6.48 times, respectively.

Most analysts said the requested valuations were attractive compared to peers, but the bank’s future growth would be the subject of pending lawsuits. Some of them had a subscription recommendation for the issue with a long-term perspective.

Investors who 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 drop box

4) Write the application number

5) Add PAN card ID

6) Click I’m not a robot and click Submit.

You can also check the allotment status on Link Intime India online portal

Private Limited ( https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar of the issue.

The Registrar is a legal entity registered with Sebi that qualifies as such and electronically processes all applications and carries out the allocation process in accordance with the Prospectus.

The Registrar is responsible for meeting the deadlines for updating the electronic crediting of Shares to successful applicants, sending and uploading refunds and handling all investor-related questions after the issuance is completed.

1) Go to Link Intime India Private Limited web portal

2) Select the IPO in the dropbox whose name will only be filled in when the allotment is complete

3) You may need to select one of three modes: Application ID, Customer ID, or PAN ID

4) Choose between ASBA and Non-ASBA in Application Type

5) Enter the details of the mode you selected in step 2

6) For security reasons, fill out the Captcha accurately

7) Click Submit.

Bidders who failed to receive an allotment at the IPO may see refunds initiated on September 13. Others who would be allocated shares can see the shares credited to the Demat account until September 14th. The IPO listing is likely on September 15 .

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