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Tamilnad Mercantile Bank Limited IPO Detail

Tamilnad Mercantile Bank Limited IPO Detail

Incorporated in 1921, Tamilnad Mercantile Bank (TMB) is one of the oldest private sector banks in India. It offers an array of banking and financial services to retail customers, micro, small, and medium enterprises (MSMEs), and more. TMB has a strong portfolio of advances and deposits from a diversified customer base including retail customers, agricultural customers, and MSMEs.

As of March 31, 2022, the bank has a strong branch network of 509 branches and a total customer base of 5.08 million. TMB has a significant market presence in the state of Tamil Nadu with 369 branches, and is also present in 15 other states and 4 union territories of India.


  • Long-term track record with almost 100 years of history.
  • Strong presence in Tamil Nadu and consistent focus to expand presence in strategic regions.
  • Diversified and loyal customer base i.e., retail, MSMEs, and agricultural.
  • Consistently growing customer deposit base with a focus on low-cost retail CASA.
  • Proven financial performance track record.

Company Promoters

TMB is a professionally managed bank and does not have an identifiable promoters.

IPO Details

IPO Opening DateSep 05, 2022
IPO Closing DateSep 07, 2022
Issue TypeFixed Price Issue IPO
Face Value₹10 per equity share
IPO Price ₹500 - 525 per equity share
Market Lot28 Shares
Min Order Quantity28 Shares
Listing AtBSE, NSE
Issue Size₹831.60 Cr
Fresh Issue15,840,000 shares of ₹10
Offer for Sale-
Retail Portion 10%

IPO Subscription (Bidding Detail)

Day 1 0.72x 0.58x 1.53x 0x - 0.83x
Day 2 0.97x 1.27x 3.6x 0x - 1.54x
Day 3 1.61x 2.94x 6.48x 0x - 2.86x

IPO Tentative Timetable

The Tamilnad Mercantile Bank Limited IPO open date is Sep 05, 2022, and the close date is Sep 07, 2022. The issue may list on Sep 15, 2022.

IPO Open DateSep 05, 2022
IPO Close DateSep 07, 2022
Basis of Allotment DateSep 12, 2022
Initiation of RefundsSep 13, 2022
Credit of Shares to Demat AccountSep 14, 2022
IPO Listing DateSep 15, 2022

IPO Lot Size

The Tamilnad Mercantile Bank Limited IPO market lot size is 28 shares. A retail-individual investor can apply for up to 13 lots (364 shares or ₹191100).

ApplicationLotsSharesAmount (Cut-off)

Company Financials:

For the year/period ended (₹ in Crore)

Financial Year Total Assets Total Revenue Profit After Tax
31-Mar-20 42758.8 3992.53 464.89
31-Mar-21 47527.17 4253.4 654.04
31-Mar-22 52858.49 4656.44 901.9

Objects of the Issue:

The net proceeds from the issue will be utilized for the following purposes;

  1. To augment tier-I capital base to meet future capital requirements.
  2. Meet offer issue expenses.
  3. To receive the benefits of listing the shares on the stock exchanges.

Tamilnad Mercantile Bank Limited IPO Registrar:

Link Intime India Private Ltd

Tamilnad Mercantile Bank Limited IPO Lead Manager(s):

Axis Capital Limited , Motilal Oswal Investment Advisors Pvt Ltd, SBI Capital Markets Limited

Company Contact Information:

Tamilnad Mercantile Bank Limited

57, V.E. Road, Tuticorin