Tamilnad Mercantile Bank's initial public offering (IPO) was subscribed 2.86 times on 7 September, the final day of bidding. 

Investors have bought 2.49 crore shares against the offer size of 87.12 lakh shares, as per the data available on stock exchanges.

The retail investors subscribed 6.48 times their quota while the non-institutional investor (NII) allotment was subscribed 2.94 times. The qualified institutional buyers (QIB) category was subscribed 1.62 times.

The 101-year-old bank will be able to raise Rs 831.60 crore at the upper end of the price band of Rs 500-525 per share. 

The IPO proceeds will be utilised by the private sector lender for augmenting tier one capital base to meet future capital requirements.