(PTI) 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 ₹510.
At the NSE, the stock made its debut at ₹495, lower by 2.94 per cent from the issue price.
The company's shares listed at par with the issue price at ₹510 on the BSE. Later, it hit a high of ₹519 and a low of ₹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 ₹831.6-crore public offer had a price range of ₹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.
First Published: 15 Sep 2022, 11:05 AM IST