Private lender Tamilnad Mercantile Bank is expected 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.
Tuticorin-based Tamilnad Mercantile Bank had received approval from the Securities Exchange Board of India (SEBI) in June to raise funds through an initial offering. The bank, which filed its preliminary IPO documents with Sebi in September 2021, got its submissions on May 30 this year, an update with the markets watchdog said. In Sebi parlance, his observation implies his approval to float IPO.
Here are the key details you need to know about the upcoming Tamilnad Mercantile Bank IPO.
Subscription period: September 5-7, 2022
Price range 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 nearly 100 years. It offers a wide range of banking and financial services mainly to micro, small and medium enterprises (MSMEs), agricultural clients and individuals.
As of June 30, 2021, the bank had 509 branches, including 106 branches in rural areas, 247 in semi-urban areas, 80 in urban areas and 76 in metropolitan centers, PTI reported. It has approximately 4.93 million customers, 70% of whom have been customers associated with the bank for more than five years.