The initial public offer of Tamilnad Mercantile Bank got fully subscribed in morning trade on Tuesday, the day two of subscription.

The Rs 831.6-crore public offer received bids for 88,32,292 shares, against 87,12,000 shares on offer, according to an update available with the NSE till 10:51 am.

Retail Individual Investors (RIIs) category received 2.15 times subscription. The portion for non institutional investors got subscribed 84 per cent and Qualified Institutional Buyers (QIBs) quota was subscribed 73 per cent.

The Initial Public Offer (IPO) of 1.58 crore equity shares has a price range of Rs 500-525 a share.

The IPO of Tamilnad Mercantile Bank received 83 per cent subscription on the first day on Monday.

Private sector lender Tamilnad Mercantile Bank on Friday mobilised a little over Rs 363 crore from anchor investors.

The issue will conclude on September 7.

The Tuticorin-based bank proposes to utilise the proceeds from the issue for augmenting its Tier–I capital base to meet future capital requirements.

It offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSME), agricultural and retail customers.

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are the managers to the offer.

The company’s equity shares are proposed to be listed on BSE and NSE. PTI SUM DRR

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