Private sector bank Tamilnad Mercantile Bank (TMB) IPO (Initial Public Offering) is coming on September 5 (Monday). The bank told on Tuesday that it has fixed the price band of its IPO at Rs 500 to 525. The total value of the IPO will be Rs 832 crore. Investments can be made in AppiPO between September 5 and 7. Shares will be allotted to the successful applicants of the IPO on September 14. It has been told by the bank that we expect the company's shares to be listed in the equity market on September 15.
Here are the highlights of the IPO
According to Tamilnad Mercantile Bank's draft red herring prospectus (DRHP), the bank's IPO will issue 1,58,27,495 fresh equity shares and includes an offer for the sale of 12,505 equity shares by the shareholders. The sale offer includes the sale of up to five thousand equity shares by D Prem Palanivel and Priya Rajan, the sale of up to one thousand equity shares by Prabhakar Mahadev Bobde, sale of up to 505 equity shares by Narasimhan Krishnamurthy and M Malliga. Up to five equity shares will be sold each by Rani and Subramaniam Venkateswaran Iyer.
What is the minimum investment required?
The lot size of 28 shares has been kept in Tamilnad Mercantile Bank IPO. The investor must buy at least one lot. In this sense, the investor will have to invest at least Rs 14700 in this IPO.
Where will the bank use the funds from the IPO?
Tuticorin-based Tamilnad Mercantile Bank will use the proceeds of its IPO to meet its capital requirements in the future. The lead managers of the bank's IPO are Axis Capital, Motilal Oswal, and SBI Capital. Tamilnad Mercantile Bank has a history of nearly 100 years. It is one of the oldest private sector banks in the country. The bank primarily provides banking and financial services to micro, small and medium enterprises, agriculture, and retail customers.
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