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Tamilnad Mercantile Bank IPO: What GMP signals ahead of subscription opening
The much awaited IPO of TN Mercantile bank is out now. Use this opportunity.
Tamilnad Mercantile Bank IPO price band has been fixed at ₹500 to ₹525 per equity share. Tamilnad Mercantile Bank IPO GMP today is ₹38, say market observers
Tamilnad M ercantile Bank IPO: The initial public offering (IPO) of Tamilnad Mercantile Bank is going to hit primary markets on 5th September 2022 as Tamilnad Mercantile Bank IPO is going to open on this date and it will remain open for bidding till 7th September 2022. As per the information available in Red Herring Prospectus (RHP) of the IPO, one of the oldest private sector banks in India aims to raise ₹831.60 crore from this public offer. Meanwhile, Tamilnad Mercantile Bank shares are trading in grey market ahead of subscription opening date. According to market observers, shares of Tamilnad Mercantile Bank is available at a premium of ₹38 in grey market today.
Tamilnadu Mercantile Bank IPO GMP today
As per the market observers, Tamilnad Mercantile Bank IPO grey market premium (GMP) today is ₹38, which is quite praiseworthy if we look at the current market sentiment. They said that despite weak sentiments at Dalal Street, Tamilnad Mercantile Bank share are trading at a premium that signals bullish sentiment in the grey market in regard to the Tamilnad Mercantile Bank IPO. They said that grey market may become further bullish on the IPO if there is trend reversal on Dalal Street.
What this Tamilnad Mercantile Bank IPO GMP means?
Market observers said that Tamilnad Mercantile Bank IPO GMP today is ₹38 that means grey market is expecting that Tamilnad Mercantile Bank shares would list around ₹563 ( ₹525 + ₹38), which is around 7 per cent higher from its price band of ₹500 to ₹525 per equity share. They said that 7 per cent premium during weak market sentiment is a good sign and one can expect listing gains from the IPO when it lists on the Indian bourses.
However, stock market experts maintained that grey market has nothing to do with the balance sheet of the company. Therefore, GMP should not be taken so seriously. They advised potential investors to go through the financials of the company and then only make any decision on investment.
Tamilnadu Mercantile Bank IPO details
Tamilnad Mercantile Bank IPO price band is ₹500 to ₹525 and it is a book build issue that aims to raise ₹831.60 crore from this offer. The public offer is proposed to list on both NSE and BSE and tentative listing date of the IPO is 15th September 2022. Tentative Tamilnad Mercantile Bank IPO allotment date is 12th September 2022.
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