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The Initial Public Offer (IPO) of Tamilnad Mercantile Bank, one of India's oldest banks, is all set to hit the IPO market on 5th Sept as further details regarding the issue have been disclosed.
For the unversed, Tamilnad Mercantile Bank (TMB) is one of India's oldest banks with a history of around 100 years. It offers a wide variety of services to MSMEs, and retail and agricultural customers. The bank has over 500 branches all over India and serves a customer base of around 5 million people.
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The senior bank had filed its DRHP with the markets regulator early in September 2021. The same was approved by SEBI in June 2022.
The Rs 832 crore IPO is all set to open on 5th September and will be open till 7th September. The issue is a 100% fresh issue as the company will be issuing 15.8 million new shares and the price for the same will be between Rs 500-525 per share.
The anchor book for the issue will open for anchor investors on 2nd September, the allotment for which will be made on 14th September. Retail investors can bid in lots as a single lot will contain 28 shares and will cost the investor Rs 14,700 with a maximum application of 13 lots.
The Thoothukudi-based bank has stated that it would be using the proceeds of the issue to fund its tier-I capital base and meet working capital requirements and to meet regulatory requirements associated with capital adequacy ratio.
The allotment of shares is said to be on 12th September while the listing date is estimated to hit the bourses on 15th September 2022.
Axis Capital, SBI Capital Markets & Motilal Oswal Investment Advisors are the book-running lead managers while Link Intime India is the registrar of the issue.
Article by Aman Agarwal.
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