Private lender Tamilnad Mercantile IPO oversubscribed on day two | Corporate News

New Delhi- Private lender Tamilnad Mercantile IPO (IPO) saw more than 1.53 subscriptions on the second day of the three-day subscription period. The subscription will close on Wednesday. The price range for the IPO is Rs 500-525 per share. It should be noted that the initial public offering was fully subscribed to the early trade.

Advertisment

(Also read- Now, new mobile app may accurately detect Covid-19 in your voice – details here)

The IPO of Tuticorin-based private bank had 83% of the subscription on the first day of Monday. The bank mobilized just over Rs 363 crore from major investors on Friday. So far, it has seen bids worth Rs 1,33,68,460 for 87,12,000 shares on the offers.

(Also read- Want to get paid without “doing anything?” Follow this guy’s formula)

The Retail Investor (RII) category has received 3.61 subscriptions. The portion for non-institutional investors was oversubscribed 1.27 times and Qualified Institutional Buyers’ Share (QIBs) was oversubscribed at 98 percent.

What is an initial public offering?

An initial public offering (IPO) is a process of offering a company’s shares in exchange for money to public investors. It means making a private company public by allowing others to become a part of it. An IPO allows a company to raise money from public investors.

Read Also:   HURL Recruitment 2022 – 390 Non Executive Posts, Last Date 24th May 2022

It is a key tool in the era of startup to expand business horizon and upgrade existing facilities.

(with PTI input)