The share price of Tamilnad Mercantile Bank will be accessible to dealers and investors as of right now. According to information on the BSE website, the listing date for Tamilnad Mercantile Bank’s initial public offering (IPO) has been set for September 15, 2022. According to the BSE announcement, the equity shares of Tamilnad Mercantile Bank Limited would be listed and admitted to trading in the “T” category of securities on the BSE and NSE. Until further notice, the stock will remain in the Trade-for-Trade sector.
Observers of the stock market claim that investors are becoming cautious due to outstanding legal challenges and modest pricing. They said that the shares of Tamilnad Mercantile Bank may have a flat listing and that we might not see anything special in the bank’s initial public offering (IPO) today. Market watchers claim that Tamilnad Mercantile Bank’s IPO GMP (grey market premium) is already around ₹10, indicating that the grey market is anticipating a similar outcome.
Abhay Doshi, the founder of UnlistedArena.com, said on the Tamilnad Mercantile Bank share offering “Primary markets have gathered steam thanks to a dearth of quality listings. However, in comparison, the QIB and HNI categories gave Tamilnad Mercantile Bank a lacklustre reaction. Investors may have been on the alert due to some unresolved legal matters and reasonable prices. We might not see much fanfare at the listing, and the issue might list at or close to its issue price.”
Aayush Agrawal, Senior Research Analyst at Swastika Investmart, stated that he anticipates the shares of Tamilnad Mercantile Bank would be flat listed “Based on the present GMP and subpar subscription levels, we anticipate a flat or negative listing. Despite the fundamentals’ progress over the previous three years and the perilous legal issues, we had awarded avoid grade because to the uncertainty surrounding the management’s long-term performance.”
According to Ravi Singh, CEO of GCL Securities, shares of Tamilnad Mercantile Bank will likely list around their issue price “The growth numbers for Tamilnad Mercantile Bank have been modest, but the margins have been consistent with strong fundamentals. Due to the lacklustre reaction, the dampened secondary market emotions, and the watchful stance towards the ongoing legal situation regarding OFS, it is expected to be listed around its issue price.”
Manoj Dalmia, founder and director of Proficient Equities, commented on the listing price of Tamilnad Mercantile Bank as follows: “If the market is feeling upbeat, Tamilnad Mercantile Bank shares could debut at around ₹540 rupees per equity share, which would be less than 3% higher than their initial issue price of between ₹500 and ₹525 rupees per equity share. Investors may wait for the listing, and those who are interested in the stock long term can wait for it to rise since Nifty Bank appears to be on the upswing. Even investors seeking gains can hold for a few weeks with the proper stop loss in place.”
Tamilnad Mercantile Bank IPO GMP today
Market watchers claim that the Tamilnad Mercantile Bank IPO GMP today is 10, which is further ₹5 lower than its GMP on Wednesday of ₹15. This indicates that the grey market anticipates the listing price of Tamilnad Mercantile Bank shares to be around ₹535 (or ₹525 + ₹10), which is comparable to the issue price of ₹500 to ₹525 rupees per equity share.