Tamilnad Mercantile Bank (TMB) IPO is opening on Monday i.e. 5th September. The IPO size is worth Rs. 831.6 crores. The Tuticorin based bank is one of the oldest private sector lenders in the country. This will be the third IPO to hit Dalal Street in a span of three weeks.
Tamilnad Mercantile Bank IPO Date
The TMB IPO will open on 5th September and close on 7th September. The tentative listing date for TMB IPO is 15th September.
TMB IPO Price Band
The price band for TMB IPO is set at Rs. 500 – Rs. 525 per share. It is an entirely fresh issue of shares and the proceeds of IPO shall go to the company.
TMB IPO Lot Size
The bidding for TMB IPO shall be in multiples of 28 shares per lot. The cost per lot shall be in the range of Rs. 14,000 – Rs. 14,700.
TMB IPO Issue Size
The public offer by Tamilnad Mercantile Bank issue size comprises of 1.58 crore of fresh equity shares. At the upper end of its price band, the issue size will aggregate to 831.6 crores.
TMB IPO Fund Utilisation
The private lender plans to utilize the IPO proceeds for augmenting its tier- I capital base for meeting its capital requirements
TMB Financial Details
About the Company
Tamilnad Mercantile Bank was established in 1921 as Nadar Bank. It has a history of 101 years of being in the business of lending. It offers services to a wide range of clients that include retail customers, SME enterprises, agricultural businesses, etc. The bank currently has 509 branches in India, out of which 369 are in the home state of Tamil Nadu. Almost 70% of the business comes from Tamil Nadu and the remaining 30% from other states and Union Territories. The bank has a customer base of approximately 5.08 million as of March 31, 2022. Almost 80% or 4.05 million of the total customers have been associated with the bank for a period of more than 5 years.