Shares of Tamilnad Mercantile Bank on Thursday made a muted market debut and fell by nearly 3 per cent at the NSE against its issue price of Rs 510.
At the NSE, the stock made its debut at Rs 495, lower by 2.94 per cent from the issue price.
The company’s shares listed at par with the issue price at Rs 510 on the BSE. Later, it hit a high of Rs 519 and a low of Rs 487.
The initial public offer of Tamilnad Mercantile Bank got subscribed 2.86 times on the last day of subscription on Wednesday last week.
The Rs 831.6-crore public offer had a price range of Rs 500-525 a share.
The company offers a wide range of banking and financial services primarily to micro, small and medium enterprises (MSMEs), agricultural and retail customers