Tamilnad Mercantile Bank starts with a discount rate of 2.94%.

Tamilnad Mercantile Bank shows diverse listing trend on NSE and BSE
Tamilnad Mercantile Bank Ltd had a tepid listing on 15th September 2022, listing at a discount of 2.94%, but closed the day exactly at the issue price. While the stock did show some bouts of volatility during the day, it closed the day exactly at the issue price of Rs510. With overall subscription of 2.86X  and QIB subscription at 1.62X, the listing was expected to be flat to tepid. Here is the Tamilnad Mercantile Bank Ltd listing story on 15th September 2022.

For a change, the IPO price was fixed in between the band at Rs.510 which is not surprising considering the rather tepid 2.86X overall subscription. The price band for the IPO was Rs.500 to Rs.525. However, the first signs of below peak price fixation was evident when the anchor placement was done at Rs510 instead of at the upper band, as is the normal practice. On 15th September 2022, the stock of Tamilnad Mercantile Bank Ltd listed on the NSE at a price of Rs.495, a discount of 2.94% below the issue price of Rs.510. However, on the BSE, the stock listed at par at the issue price at Rs.510.

On the NSE, Tamilnad Mercantile Bank Ltd closed on 15th September 2022 at a price of Rs.510, exactly at the IPO issue price. On the BSE, the stock closed the day at Rs.508.45, a first day marginal discount of -0.30% on the issue price. On the NSE, the stock listed at a discount but closed exactly at the issue price of Rs510. However, on the BSE, the stock listed at the issue price but closed at a very marginal discount to the IPO issue price. 

On Day-1 of listing, Tamilnad Mercantile Bank Ltd touched a high of Rs.515 on the NSE and a low of Rs.481. The bounce was quite surprising after a rather tepid listing. On Day-1 of listing, the Tamilnad Mercantile Bank Ltd stock traded a total of 21.44 lakh shares on NSE amounting to value of Rs.107.77 crore.  On 15th September 2022, Tamilnad Mercantile Bank Ltd was not ranked among the most active share on NSE by traded value or even by traded volumes. 

On the BSE, Tamilnad Mercantile Bank Ltd touched a high of Rs.519 and a low of Rs.484.50. On BSE, the stock traded a total of 2.24 lakh shares amounting to value of Rs.11.34 crore. Even on the BSE, the stock did not rank meaningfully either in terms of top value or top volumes.

At the close of Day-1 of listing, Tamilnad Mercantile Bank Ltd had a market capitalization of Rs.8,051.38 crore with free-float market cap of Rs.483.08 crore.