Tamilnad Mercantile Bank IPO

Tamilnad Mercantile Bank IPO

Tamil Nadu Mercantile Bank Limited’s IPO will open for public subscription on Monday, September 5, 2022 and conclude on Wednesday, September 7. The offer comprises a total of 15,840,000 equity shares of face value 10 each, with a fresh issue size of 15,840,000 equity shares.

Tamilnad Mercantile Bank IPO

TMB IPO Details

PARTICULARIPO DETAILS
IPO Open:05 Sep 2022
IPO Close:07 Sep 2022
IPO Size:15,840,000 shares of ₹10
(aggregating up to ₹831.60 Cr)
Offer for Sale:Rs.1235 Crore
Issue Type:Book Built Issue IPO
Face Value:₹10 Per Equity Share
Price Band:₹ 500 – 525 Per Share
Listing on:BSE & NSE
Retail Quota:Not more than 10% of the Net Offer
QIB Quota:Not less than 75% of the Net Offer
NII Quota:Not more than 15% of the Net Offer
Market Lot:28 Shares
Employee DiscountRs 25 per share

Tamilnad Mercantile Bank IPO Details

Tamilnad Mercantile Bank IPO: Subscription Dates

The TMB IPO will open for public subscription on Monday, September 5, 2022 and conclude on Wednesday, September 7.

Tamilnad Mercantile Bank IPO: Price Band

The Tuticorin-based private sector lender has fixed the price band at ₹500-525 per share of each equity having a face value of 10 in the price band for its ₹832-crore initial share offer.

Tamilnad Mercantile Bank IPO: Lot Size

Bids may be made for a minimum of 28 equity shares and thereafter in multiples of 28 equity shares. which makes one lot worth Rs 14,000-14,700.

Tamilnad Mercantile Bank IPO: GMP Today

As per market observers, Tamilnad Mercantile Bank shares are available at at premium (GMP) of Rs 31 in the grey market today.

Tamilnad Mercantile Bank IPO: Proposed to use the net funds raised

The Bank has proposed to use the net funds raised from the Fresh Issue to augment the Bank’s Tier-1 capital base to meet the Bank’s future capital requirements, which are expected to arise out of growth in the Bank’s assets, mainly forming part of the Bank’s loan/advance and investment portfolios and Compliance with the regulatory requirement on capital adequacy will be verified by the Reserve Bank of India from time to time.

Tamilnad Mercantile Bank (TMB) will use the money raised from the IPO to increase its core capital and meet future capital requirements. As per the CRISIL Report, it had the second highest Net Profit for Fiscal 2022 amongst its peers, and its Return on Assets was also higher at 1.66% compared to a median of 0.80% for Peers for Fiscal 2022.

75% of the issue has been reserved for qualified institutional investors, 15% for the non-institutional investors and the remaining 10% for retail investors.

Tamilnad Mercantile Bank IPO: Lead Managers

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers and Link Intime India Private Ltd is the registrar for the IPO.

Tamilnad Mercantile Bank IPO: Anchor Investors

The company on Friday said it has mobilised a little over ₹363 crore from anchor investors ahead of its issue. It has decided to allocate 71.28 lakh equity shares to anchor investors at ₹510 apiece, aggregating the transaction size to ₹363.5 crore, according to a circular uploaded on the BSE website.

Societe Generale, Nomura Singapore, Bajaj Allianz Life Insurance Company, Max Life Insurance Company, Kotak Mahindra Life Insurance Company and Moneyewise Financial Services are among the anchor investors.

Tamilnad Mercantile Bank IPO: Fresh Issue

The public offer of Tamilnad Mercantile Bank comprises a fresh issue of 1.58 crore equity shares aggregating up to Rs. 831.6 crores at the upper end of the price band.

Tamilnad Mercantile Bank IPO: Listing on BSE, NSE

The shares of the company are expected to list on stock exchanges BSE and NSE on Thursday, September 15, 2022.

Tamilnad Mercantile Bank IPO: About the Company

  • Tamilnad Mercantile Bank is one of the oldest private sector banks in the country.
  • Its history is 101 years old.
  • This bank was started in the year 1921 as Nadar Bank.
  • The Bank provides a wide range of services to Micro-Small and Medium Enterprises, Agricultural and Retail customers.
  • Tamilnad Mercantile Bank operates 509 branches out of which 369 branches are located in Tamil Nadu itself.
  • Home state branches contribute more than 70 per cent to the bank’s business.
  • The net income of the bank in the financial year 2022 was Rs 8212 crore.

TMB IPO FAQs

When was Tamilnad Mercantile Bank established?

Tamilnad Mercantile Bank (TMB) was incorporated in 1921, and it is one of the oldest private banks in India.

What is Tamilnad Mercantile Bank IPO GMP Today?

The Tamilnad Mercantile Bank IPO GMP aka grey market premium is ₹35.

When TMB IPO Date & Listing?

The TMB IPO will hit the Street on September 5, and close on September 7. Tamilnad Mercantile Bank has set a price band of Rs 500-525 per share for the IPO

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