Tamilnad Mercantile Bank IPO share listing today. Experts predict flat debut

Market


Tamilnad Mercantile Bank share price is going to become available for traders and investors from today. As per the information available on the BSE website, Tamilnad Mercantile Bank IPO listing date has been fixed on 15th September 2022. The BSE notice says that the equity shares of Tamilnad Mercantile Bank Limited shall be listed and admitted to dealings on the BSE and NSE in the list of ‘T’ group of securities. The scrip will be in Trade-for-Trade segment till further notice.

According to stock market observers, pending legal issues and moderate pricing has made the investors watchful. They said that Tamilnad Mercantile Bank shares may have a flat listing and we may not witness any fancy in Tamilnad Mercantile Bank IPO listing today. According to market observers, Tamilnad Mercantile Bank IPO GMP (grey market premium) today is 10 that means grey market is also expecting on the same lines.

Speaking in Tamilnad Mercantile Bank share listing, Abhay Doshi, Founder at Un listedArena.com said, “Primary markets have gained the momentum with few decent listings. However, Tamilnad Mercantile Bank got dull response from QIB and HNI segments comparatively. Some pending legal issues and moderate pricing may have made investors watchful. The issue may list around its issue price and we may not witness much fancy on listing.”

Expecting flat listing of Tamilnad Mercantile Bank shares, Aayush Agrawal, Senior Research Analyst at Swastika Investmart said, “We expect a flat or a negative listing based on the current GMP and less than stellar subscription numbers. We had assigned avoid rating because of the precarious legal challenges and the lack of complete clarity on the management’s long-term performance despite the improvement in fundamentals in the last three years.”

Predicting Tamilnad Mercantile Bank shares to list around its issue price, Ravi Singh, CEO at GCL Securities said, “Tamilnad Mercantile Bank has so far delivered conservative growth numbers, however, the margins were steady with sound fundamentals. It is likely to be listed around its issue price due to muted response amid the subdued secondary market sentiments and the vigilant approach towards the pending legal matter in regard to OFS.”

On Tamilnad Mercantile Bank listing price, Manoj Dalmia, Founder & Director at Proficient Equities said, “In case of positive market sentiments, Tamilnad Mercantile Bank shares may debut around 540 per equity share, which is below 3 per cent from its issue price of 500 to 525 per equity share. Investors can wait for the listing and those who wish for long term can wait for the stock to gain as Nifty Bank looks bullish. Even those looking for gains can hold for few weeks period, but with a stop loss as per risk appetite.”

Tamilnad Mercantile Bank IPO GMP today

According to market observers, Tamilnad Mercantile Bank IPO GMP today is 10, which is further 5 lower from its Wednesday’s GMP of 15. This means grey market is expecting that Tamilnad Mercantile Bank shares may list around 535 ( 525 + 10), which is at par with its issue price of 500 to 525 per equity share.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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