4 - 5 minutes readTamilnad Mercantile Bank IPO Date

Tamilnad Mercantile Bank IPO Details: Next week, the Tamilnad Mercantile Bank Ltd. initial public offering (IPO) begins. The issue of one of the nation’s oldest lenders will begin on September 5, 2022, and end on September 7, 2022. The price range for the Rs. 800 crore initial public offering (IPO) has been set at Rs. 500 to Rs. 525, and the minimum lot size is 28 shares.

One of the nation’s oldest private sector banks, Tamilnad Mercantile Bank is based in Tuticorin and has been operating for almost a century. It provides a broad range of banking and financial services primarily to retail, agricultural, and Micro, Small, and Medium-Sized Enterprise (MSME) customers.

Tamilnad Mercantile Bank IPO

Tamilnad Mercantile Bank IPO Details

IPO Opening DateSep 5, 2022
IPO Closing DateSep 7, 2022
Price BandRs. 500 to Rs. 525 per share
Lot Size28 Shares
Issue Size (Rs. Cr.)15,840,000 shares of Rs. 10 (aggregating up to Rs. 831.60 Cr)
Fresh Issue15,840,000 shares of Rs.10 (aggregating up to Rs. To be announced Cr)
Face ValueRs. 10 per share
Issue TypeBook Built Issue IPO
Exchange BoardBSE, NSE
QIB Shares OfferedNot less than 75% of the Net Offer
Retail Shares OfferedNot more than 10% of the Net Offer
NII (HNI) Shares OfferedNot more than 15% of the Net Offe
Basis of Allotment DateSep 12, 2022
Initiation of RefundsSep 13, 2022
Credit of Shares to Demat AccountSep 14, 2022
Tamilnad Mercantile Bank IPO Listing DateSep 15, 2022

Tamilnad Mercantile Bank IPO Date

The company previously stated that its issue will be available for subscription from September 5, 2022 to September 7, 2022. Tamilnad Mercantile Bank, one of the nation’s oldest private sector banks, provides a variety of banking and financial services primarily to micro, small, and medium-sized businesses, agricultural, and retail clients.

Tamilnad Mercantile Bank IPO Issue Size

1.58 crore shares are being issued brand-new in the IPO. The company expects to raise about Rs 831.60 crore from the issue at the upper end of the price range. The issue’s lead managers are Axis Capital, Motilal Oswal, and SBI Capital Markets.

Tamilnad Mercantile Bank IPO Price

Shares will be sold by the company for between Rs. 500 and Rs. 525 each. Up until September 7, subscriptions are accepted for the proposed primary offering.

Tamilnad Mercantile Bank IPO Lot Size

TheĀ Tamilnad Mercantile Bank IPO lot size is 28 shares. A retail-individual investor can apply for up to 13 lots (364 shares or Rs. 191,100). Up to 1,58,40,000 equity shares with a face value of Rs. 10 each, totaling Rs. 831.6 crore, may be issued in the IPO as a wholly new issue. TMB is a bank that is expertly run and does not have any clear promoters.

Tamilnad Mercantile Bank IPO Allotment Date and Listing Date

On September 2, 2022, the anchor book bidding will begin. Successful investors will receive their shares on dematerialized accounts on September 14, 2022, and the stock will trade for the first time on September 15, 2022.

About Tamilnad Mercantile Bank Limited IPO

One of India’s first private sector banks, Tamilnad Mercantile Bank (TMB), was established in 1921. It provides retail customers, micro, small, and medium-sized enterprises (MSMEs), and others with a range of banking and financial services. TMB has a robust portfolio of deposits and advances from a range of clients, including retail, agricultural, and MSMEs.

The company’s main goal is to provide sanitation solutions to people who lack access to toilets as well as to people who do have toilets but have trouble using septic tanks to treat and manage their waste. The company also provides innovative and basic bio-digester technology licenced from the Defence Research and Development Organisation (DRDO) and Industry Interface and Technology Management, operating under the auspices of DRDO, Ministry of Defence, Government of India, for sanitation infrastructure and human waste management solutions and services.

The bank had a total of 5.08 million clients as of March 31, 2022, and a strong branch network of 509 locations. With 369 branches, TMB has a sizable market presence in Tamil Nadu. The company is also present in 15 other Indian states and 4 union territories.

The private lender, based in Thoothukudi (previously Tuticorin), intends to use the proceeds to increase its tier-I capital base in order to meet its capital requirements.

Promoters of Tamilnad Mercantile Bank IPO

TMB is a bank that is expertly managed and does not have any clear promoters.

Tamilnad Mercantile Bank IPO FAQs

What is Tamilnad Mercantile Bank IPO?

An initial public offering (IPO) of 15,840,000 equity shares with a face value of Rs. 10 and a total value of up to Rs. 831.60 crores was conducted by Tamilnad Mercantile Bank. Priced between Rs. 500 and Rs. 525 per share, the issue. There must be at least 28 shares ordered.

On September 5, 2022, the initial public offering (IPO) will begin and end. The IPO’s registrar is Link Intime India Private Ltd. It is proposed that the shares list on the BSE and NSE.

When Tamilnad Mercantile Bank IPO will open?

The IPO for Tamilnad Mercantile Bank starts on September 5, 2022, and ends on September 7, 2022.

What is the lot size of Tamilnad Mercantile Bank IPO?

The minimum order quantity for the Tamilnad Mercantile Bank IPO is 28 shares, and the lot size is 28 shares.

How to apply for Tamilnad Mercantile Bank IPO?

UPI or ASBA can be used as a payment method when submitting an online application for the Tamilnad Mercantile Bank IPO. The ASBA IPO application is accessible through your bank account’s net banking. Brokers that don’t provide banking services offer UPI IPO applications.

When Tamilnad Mercantile Bank IPO allotment?

The finalization of Basis of Allotment for Tamilnad Mercantile Bank IPO will be done on Sep 12, 2022, and the allotted shares will be credited to your demat account by Sep 14, 2022.

When is Tamilnad Mercantile Bank IPO listing date?

The Tamilnad Mercantile Bank IPO listing date is Sep 15, 2022.

Who is the registrar of Tamilnad Mercantile Bank IPO?

The registrar for Tamilnad Mercantile Bank IPO is Link Intime India Private Ltd.

What is Tamilnad Mercantile Bank IPO Price Band?

Tamilnad Mercantile Bank IPO price band is Rs. 500 and Rs. 525 per equity share.