Tamilnad Mercantile Bank IPO: GMP jumps as bidding opens tomorrow. Apply or not?

The primary market will receive the initial public offering (IPO) of Tamilnad Mercantile Bank tomorrow.

One of India's oldest private sector banks, the private lender, has set the price range for its public offering at 500 to 525 rupees per equity share,

and it would be ready for bids from September 5 to September 7, 2022.

In the meantime, the grey market has turned positive on Tamilnad Mercantile Bank shares ahead of its subscription opening date.

Market watchers claim that shares of Tamilnad Mercantile Bank are currently available on the black market at a premium of 35 rupees.

Market watchers reported that the grey market premium (GMP) for the Tamilnad Mercantile Bank IPO today is 35, which is 1 Re higher than its close price on Saturday.

They claimed that despite the gloomy mood on Dalal Street, the GMP for the Tamilnad Mercantile Bank IPO today had nearly stabilised and had been fluctuating about 35 for the previous three days.

They warned that the 7–8% premium before subscription opening should not be ignored since it can increase sharply if the stock market sentiment trend reverses.

Market watchers stated that Tamilnad Mercantile Bank IPO today is 35, which suggests that the grey market anticipates