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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.

For your IPO application please reach Goodwill;

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 Gold prices in India today fall to lowest in over a month, silver rates tumble

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One share now ₹50,000. Multibagger stock hits new milestone!!!

Shares of Page Industries rallied to hit the ₹50,000 apiece mark for the first time as the stock surged to life time level of ₹50,338 per share on the BSE in Friday’s early deals after the apparel manufacturer reported a multi-fold jump in the first quarter net profit. 

Page Industries Ltd on Thursday reported a multi-fold increase in its net profit to ₹207 crore for the first quarter ended June 2022 as compared to ₹10.9 crore during the April-June period a year ago. Its revenue from operations during the quarter under review was ₹1,341 crore, up over two-fold compared to a lower base of the pandemic-impacted Q1 FY22.

“From a medium-to-long term perspective, we believe Page does have (operating) margin expansion potential with Page’s EBITDA margins having remained in the narrow range of 18-21% for the last 10+ years. We believe Page has front-ended investments in new avenues,” said brokerage firm ICICI Securities while maintaining Add rating on Page Industries shares with a target price of ₹52,000.

Page Industries Q1FY23 topline was a healthy beat to street estimates, as per Axis Securities as revenue was led by strong volume growth. The company’s gross margins were below expectations on account of higher inflation in cotton and packing materials. 

“PAGE saw increased momentum in sales across all its product categories driven by portfolio enhancement and distribution expansion. Total MBO coverage is now at 113,715 and the EBO network stands at 1,144 in Q1FY22. All channels and supply chains are back to normal and expect a continued robust demand outlook in FY23,” said Axis Securities with Hold rating on the stock and target price of ₹51,900.

Page Industries is involved in manufacturing and retailing innerwear, and has the exclusive licensee of Jockey International in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. It is also the exclusive licensee of Speedo International for the Indian market. The multibagger stock has rallied more than 18110% in 15 years since its listing in March 2007 when it was trading around ₹270 per share level.

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