Tamilnad Mercantile Bank IPO Share Allotment Today: Here’s how to check your status online

Tamilnad Mercantile Bank IPO Share Allotment Status Today: The initial public offering (IPO) of private sector lender Tamilnad Mercantile Bank was subscribed 2.86 times over the 87 lakh shares that were on offer during the subscription period from September 5-7, 2022. The price band was fixed at Rs 500-525 per share.

Dreamfolks Services IPO received bids of over 2.49 crore (2,49,39,292) shares against the total issue size of over 87 lakh (87,12,000) shares, data available with the National Stock Exchange (NSE) showed.

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 1.62 times, while those of non institutional investors was subscribed 2.94 times and that of retail individual investors (RIIs) was subscribed 6.48 times, the data showed.

The IPO comprises a fresh issue of up to 15,840,000 equity shares and the net proceeds from the issue will be utilised for augmenting its Tier–I capital base to meet future capital requirements.

Tamilnad Mercantile Bank is one of the oldest private sector banks in the country with a history of almost 100 years. It offers a wide range of banking and financial services primarily to micro, small and medium enterprises (MSME), agricultural and retail customers.

As of March 2022, the private sector lender has 509 branches, of which, 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. It had a customer base of around 5.08 million as of March 2022. Of which, nearly 80 per cent comprised customers who were associated with the bank for more than five years.

Investors are now looking forward to the share allotment date of Tamilnad Mercantile Bank IPO. The private sector lender is likely to finalise the allotment by Monday, September 12, 2022, as per the timeline provided in the red herring prospectus (RHP). In case you have applied for the Tuticorin-based lender’s IPO, then here is how you can check the status of your allotment when it gets declared:

The allotment status will get updated on the website of the registrar of the IPO, which in this case is Link Intime India (Click here: Applicants will need to select Tamilnad Mercantile Bank Limited – IPO in the drop-down menu and enter either their PAN, application number or DP Client ID. and click on search to view their allotment status.

Apart from the registrar’s website, applicants can also check the status of their allotment on the website of the BSE (Click here: Here, they will need to select Equity in Issue Type, then select TAMILNAD MERCANTILE BANK LIMITED from the drop-down list in the Issue Name section, enter their Application Number or PAN Number in the respective box. Then they have to check on the ‘I am not a robot’ box and then click on search to view their status.

The listing of shares of Tamilnad Mercantile Bank is likely to take place on Thursday, September 15, 2022, on both the NSE and BSE.

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