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Tamilnad Mercantile Bank IPO is a book built issue of Rs 807.84 crores. The issue is entirely a fresh issue of 1.58 crore shares.
Tamilnad Mercantile Bank IPO bidding started from September 5, 2022 and ended on September 7, 2022. The allotment for Tamilnad Mercantile Bank IPO was finalized on Monday, September 12, 2022. The shares got listed on BSE, NSE on September 15, 2022.
Tamilnad Mercantile Bank IPO price band is set at ₹500 to ₹525 per share. The minimum lot size for an application is 28 Shares. The minimum amount of investment required by retail investors is ₹14,700. The minimum lot size investment for sNII is 14 lots (392 shares), amounting to ₹205,800, and for bNII, it is 69 lots (1,932 shares), amounting to ₹1,014,300.
Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book running lead managers of the Tamilnad Mercantile Bank IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Tamilnad Mercantile Bank IPO RHP for detailed information.
| IPO Date | September 5, 2022 to September 7, 2022 |
| Listing Date | September 15, 2022 |
| Face Value | ₹10 per share |
| Price Band | ₹500 to ₹525 per share |
| Lot Size | 28 Shares |
| Total Issue Size | 15,840,000 shares (aggregating up to ₹807.84 Cr) |
| Fresh Issue | 15,840,000 shares (aggregating up to ₹807.84 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 142,511,454 |
| Share holding post issue | 158,351,454 |
Tamilnad Mercantile Bank IPO offers 8,712,000 shares. 4,752,000 (54.55%) to QIB, 2,376,000 (27.27%) to NII, 1,584,000 (18.18%) to RII. 56,571 RIIs will receive minimum 28 shares and 2,020 (sNII) and 4,040 (bNII) will receive minimum 392 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | - | NA |
| QIB Shares Offered | 4,752,000 (54.55%) | NA |
| NII (HNI) Shares Offered | 2,376,000 (27.27%) | |
| bNII > ₹10L | 1,584,000 (18.18%) | 4,040 |
| sNII < ₹10L | 792,000 (9.09%) | 2,020 |
| Retail Shares Offered | 1,584,000 (18.18%) | 56,571 |
| Total Shares Offered | 8,712,000 (100%) |
Tamilnad Mercantile Bank IPO opens on September 5, 2022, and closes on September 7, 2022.
| IPO Open Date | Monday, September 5, 2022 |
| IPO Close Date | Wednesday, September 7, 2022 |
| Basis of Allotment | Monday, September 12, 2022 |
| Initiation of Refunds | Tuesday, September 13, 2022 |
| Credit of Shares to Demat | Wednesday, September 14, 2022 |
| Listing Date | Thursday, September 15, 2022 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 7, 2022 |
Investors can bid for a minimum of 28 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 28 | ₹14,700 |
| Retail (Max) | 13 | 364 | ₹191,100 |
| S-HNI (Min) | 14 | 392 | ₹205,800 |
| S-HNI (Max) | 68 | 1,904 | ₹999,600 |
| B-HNI (Min) | 69 | 1,932 | ₹1,014,300 |
| Lot Size Calculator | |||
Incorporated in 1921, Tamilnad Mercantile Bank (TMB) is one of the oldest private sector banks in India. It offers an array of banking and financial services to retail customers, micro, small, and medium enterprises (MSMEs), and more. TMB has a strong portfolio of advances and deposits from a diversified customer base including retail customers, agricultural customers, and MSMEs.
As of March 31, 2022, the bank has a strong branch network of 509 branches and a total customer base of 5.08 million. TMB has a significant market presence in the state of Tamil Nadu with 369 branches, and is also present in 15 other states and 4 union territories of India.
Strengths
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus |
|---|---|---|---|---|---|
| 31-Mar-20 | 42758.8 | 3992.53 | 464.89 | 3979.65 | 3837.14 |
| 31-Mar-21 | 47527.17 | 4253.4 | 654.04 | 4579.98 | 4437.47 |
| 31-Mar-22 | 52858.49 | 4656.44 | 901.9 | 5335.71 | 5193.2 |
| Amount in ₹ Crore | |||||
The market capitalization of Tamilnad Mercantile Bank IPO is Rs 8313.45 Cr.
| Pre IPO | Post IPO | |
|---|---|---|
| P/E (x) | 9.22 |
The net proceeds from the issue will be utilized for the following purposes;
[Dilip Davda] On all counts, except the pending legal matter in regard to OFS, this issue is fairly priced and holds good future prospects. Though conservative, the steady growth track record and sound fundamentals of the bank augur well for considering the reasonably priced issue from a medium to long-term perspective. Read detail review...
The Tamilnad Mercantile Bank IPO is subscribed 2.86 times on September 7, 2022 7:00:00 PM. The public issue subscribed 6.48 times in the retail category, 1.62 times in the QIB category, and 2.94 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 1.62 |
| NII | 2.94 |
| bNII (bids above ₹10L) | 3.10 |
| sNII (bids below ₹10L) | 2.63 |
| Retail | 6.48 |
| Total | 2.86 |
| Listing Date | September 15, 2022 |
| BSE Script Code | 543596 |
| NSE Symbol | TMB |
| ISIN | INE668A01016 |
| Final Issue Price | ₹510 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹510.00 |
| ₹510.00 |
| ₹484.50 |
| ₹519.00 |
| ₹508.45 |
| NSE |
|---|
| ₹510.00 |
| ₹495.00 |
| ₹481.00 |
| ₹515.00 |
| ₹509.65 |
Tamilnad Mercantile Bank Limited
No. 57, Victoria Extension Road
Thoothukudi – 628 002,
Phone: +91 461 2325136
Email: secretarial@tmbank.in
Website: http://www.tmb.in/
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: tmb.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
Tamilnad Mercantile Bank IPO is a main-board IPO of 15,840,000 equity shares of the face value of ₹10 aggregating up to ₹807.84 Crores. The issue is priced at ₹500 to ₹525 per share. The minimum order quantity is 28 Shares.
The IPO opens on September 5, 2022, and closes on September 7, 2022.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Tamilnad Mercantile Bank IPO using UPI as a payment gateway. Zerodha customers can apply in Tamilnad Mercantile Bank IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Tamilnad Mercantile Bank IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Tamilnad Mercantile Bank IPO opens on September 5, 2022 and closes on September 7, 2022.
Tamilnad Mercantile Bank IPO lot size is 28 Shares, and the minimum amount required is ₹14,700.
You can apply in Tamilnad Mercantile Bank IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Tamilnad Mercantile Bank IPO will be done on Monday, September 12, 2022, and the allotted shares will be credited to your demat account by Wednesday, September 14, 2022. Check the Tamilnad Mercantile Bank IPO allotment status.
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