Tamilnad Mercantile Bank IPO

Next week, the Tamilnad Mercantile Bank Ltd. IPO begins. The issue of one of the nation’s oldest lenders will begin on Sep 5, 2022, and end on Sep 7, 2022.

Tamilnad Mercantile Bank IPO

Date

5 to 7 Sep 2022

The company previously stated that its issue will be available for subscription from September 5, 2022 to September 7, 2022.

Tamilnad Mercantile Bank IPO

Price Band

₹500 to ₹525 per share

Shares will be sold by the company for between Rs. 500 - 525 each. Up until Sep7, subscriptions are accepted.

Tamilnad Mercantile Bank IPO

Market Lot

28 Shares

The Tamilnad Mercantile Bank IPO lot size is 28 shares. A retail-individual investor can apply for up to 13 lots (364 shares or ₹191,100).

Tamilnad Mercantile Bank IPO

Issue Size

₹831.60 Cr.

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.

Tamilnad Mercantile Bank IPO

Allotment Date is 12 Sep & Listing Date 15 Sep

Successful investors will receive their shares on

Tamilnad Mercantile Bank IPO

On the final day of the IPO, at 5 p.m., the UPI mandate acceptance time for retail and NII bidders (bids up to 5 lakh) will expire (September 07).

Tamilnad Mercantile Bank IPO

The current account and savings account deposits, or CASA deposits, held by private sector lenders represented 30.50% of the total deposits.

Tamilnad Mercantile Bank IPO

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.