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.
Strengths
- 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 Date | Sep 05, 2022 |
| IPO Closing Date | Sep 07, 2022 |
| Issue Type | Fixed Price Issue IPO |
| Face Value | ₹10 per equity share |
| IPO Price | ₹500 - 525 per equity share |
| Market Lot | 28 Shares |
| Min Order Quantity | 28 Shares |
| Listing At | BSE, NSE |
| Issue Size | ₹831.60 Cr |
| Fresh Issue | 15,840,000 shares of ₹10 |
| Offer for Sale | - |
| Retail Portion | 10% |
IPO Subscription (Bidding Detail)
| AS On | QIB | SHNI | BHNI | NII | RII | TOTAL |
|---|---|---|---|---|---|---|
| Day 1 | 0.72x | - | - | 0.58x | 1.53x | 0.83x |
| Day 2 | 0.97x | - | - | 1.27x | 3.6x | 1.54x |
| Day 3 | 1.61x | - | - | 2.94x | 6.48x | 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 Date | Sep 05, 2022 |
| IPO Close Date | Sep 07, 2022 |
| Basis of Allotment Date | Sep 12, 2022 |
| Initiation of Refunds | Sep 13, 2022 |
| Credit of Shares to Demat Account | Sep 14, 2022 |
| IPO Listing Date | Sep 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).
| Application | Lots | Shares | Amount (Cut-off) |
|---|---|---|---|
| Minimum | 1 | 28 | ₹14700 |
| Maximum | 13 | 364 | ₹191100 |
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;
- To augment tier-I capital base to meet future capital requirements.
- Meet offer issue expenses.
- 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
Tamilnadu
Tamilnadu
