The initial public offer (IPO) of Tamilnad Mercantile Bank has got fully subscribed on the second day on Tuesday. 

The Rs 832-crore public offer got subscribed 1.53 times, receiving bids for 1,33,68,460 shares against 87,12,000 shares on offer.

The retail individual investors (RIIs) category received 3.61 times subscription. 

The portion for non-institutional investors got subscribed 1.27 times and the Qualified Institutional Buyers (QIBs) quota was subscribed 98%.

The IPO of 1.58 crore equity shares has a price range of Rs 500-525 per share.

On the first day on Monday, the IPO of Tamilnad Mercantile Bank received an 83% subscription.

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

The issue will conclude on 7 September.

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 (MSMEs), agricultural and retail customers.

The company's equity shares are proposed to be listed on BSE and NSE.

Set up in 1921 as Nadar Bank, Tamilnad Mercantile Bank is one of the oldest private sector banks with a history of 101 years.