Private lender Tamilnad Mercantile Bank’s IPO opens next week. Check price band

Private lender Tamilnad Mercantile Bank is set to open its initial public offering (IPO) for subscriptions next week. The subscription will open on September 5 and end on September 7, Mint reported.

Based in Tuticorin, Tamilnad Mercantile Bank had received the nod from Securities Exchange Board of India (SEBI) in June to raise funds through initial offer. The bank, which filed its preliminary IPO papers with Sebi in September 2021, obtained its observations on May 30 this year, an update with the markets watchdog stated. In Sebi’s parlance, its observation implies its approval to float IPO.

Here are the key details you need to know about the upcoming IPO of Tamilnad Mercantile Bank.

Subscription period: September 5-7, 2022

Price band of each share: ₹500-525

IPO lot size: 28

Tamilnad Mercantile Bank is one of the oldest private sector banks in the country, with a history of almost 100 years. It offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSME), agricultural and retail customers.

As of June 30, 2021, the bank has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres, PTI reported. It has a customer base of around 4.93 million of which 70 per cent comprises customers who are associated with the bank for more than five years.