Tamilnad Mercantile Bank IPO to open on Sep 5: Check issue date, GMP and other details

After the successful launch of Syrma SGS Technology, the Initial Public Offering (IPO) of Tamilnad Mercantile Bank will go live for subscription on September 5. The three-day initial share sale will conclude on September 7. The price band has not been disclosed by the private bank yet.

The IPO is a fresh issue of 1.58 crore equity shares. The bidding for anchor investors will open on September 2. The shares will be listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Axis Capital, Motilal Oswal and State Bank of India (SBI) Capital Markets Limited are the book-running lead managers for the IPO. Link Intime is the registrar to the offer.

Tamilnad Mercantile Bank IPO: From issue date to lot size, all key details

• Tamilnad Mercantile Bank IPO date: September 5- September 7
• Price band: Not yet disclosed
• Likely Tamilnad Mercantile Bank IPO share allotment date: September 12
• Likely Tamilnad Mercantile Bank IPO listing date: September 15 on BSE and NSE
• Tamilnad Mercantile Bank GMP: Yet to be out

The Tuticorin-based bank intends to use the proceeds from the fresh issue for augmenting its Tier-I capital base. Tamilnad Mercantile Bank offers a wide range of banking and financial services mainly to Micro, Small and Medium Enterprises (MSME), agricultural and retail customers.

According to the bank's website, it has 509 full-fledged branches across India, 12 regional officers, 11 extension counters, 1131 ATMs, and 47 e-lobbies among others. 

In 1921, the bank had a deposit base of Rs 21,010 which increased to Rs 27 lakh in 1946 and shot up to Rs 182 lakh in 1971. As of March 31, 2021, the deposit level of the bank is Rs 40,970.42 crores.