Tamilnad Mercantile Bank has fixed the IPO price band at Rs 500-525 per share for the Rs 832 crore public offer. The bank would be issuing 1.58 crore new equity shares of Rs 10 face value in the IPO, nearly 10 per cent of its equity shares.
Analysts on Dalal Street are bullish on the initial public offering (IPO) of Tamilnad Mercantile Bank (TMB) which hit the primary market on September 5. The lender is one of the oldest and leading private sector banks in India, with a history of close to 100 years. It primarily focuses on RAM segment (retail, agriculture and MSME), which constitutes around 88 per cent of total advances as of March 2022. TMB has built a strong presence in Tamil Nadu, with 369 branches and 949 ATMs as of March 2022. Total branches are 509 of which 247 are in semi-urban, 106 in rural, 76 in metro and 80 in urban areas.
Upcoming Tamilnad Mercantile Bank IPO: The private lender has fixed the IPO price band at Rs 500-525 per share for the Rs 832 crore initial share offer that would open between September 5 and September 7.