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Tamilnad Mercantile Bank IPO

Tamilnad Mercantile Bank Limited Logo

Tamilnad Mercantile Bank IPO incorporated in 1921, 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.


  • Long-term track record with almost 100 years of history.
  • Strong presence in Tamil Nadu and consistent focus to expand presence in strategic regions.
  • Diversified and loyal customer base i.e., retail, MSMEs, and agricultural.
  • Consistently growing customer deposit base with a focus on low-cost retail CASA.
  • Proven financial performance track record.

Company Financials

Period EndedTotal AssetsTotal RevenueProfit After TaxNet WorthReserves and Surplus
Amount in ₹ Crore

Objects of the Issue

The net proceeds from the issue will be utilized for the following purposes;

  1. To augment tier-I capital base to meet future capital requirements.
  2. Meet offer issue expenses.
  3. To receive the benefits of listing the shares on the stock exchanges.

IPO Details

Tamilnad Mercantile Bank IPO DateSep 5, 2022 to Sep 7, 2022
Tamilnad Mercantile Bank IPO Face Value₹10 per share
Tamilnad Mercantile Bank IPO Price₹500 to ₹525 per share
Tamilnad Mercantile Bank IPO Lot Size28 Shares
Issue Size15,840,000 shares of ₹10
(aggregating up to ₹[.] Cr)
Fresh Issue15,840,000 shares of ₹10
(aggregating up to ₹[.] Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE
Company PromotersTMB is a professionally managed bank and does not have an identifiable promoters.

IPO Timeline

IPO opens on Sep 5, 2022, and closes on Sep 7, 2022. The IPO bid date is from Sep 5, 2022 10.00 A.M. to Sep 7, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Tamilnad Mercantile Bank IPO Opening DateSep 5, 2022
Tamilnad Mercantile Bank IPO Closing DateSep 7, 2022
Basis of AllotmentSep 12, 2022
Initiation of RefundsSep 13, 2022
Credit of Shares to DematSep 14, 2022
Tamilnad Mercantile Bank IPO Listing DateSep 15, 2022

IPO Prospectus

Company Contact Information

Tamilnad Mercantile Bank Limited
No. 57, Victoria Extension Road
Thoothukudi – 628 002,

Phone: +91 461 2325136
Email: [email protected]

IPO Registrar

Link Intime India Private Ltd

Phone: +91-22-4918 6270
Email: [email protected]

IPO Lead Manager(s)

  1. Axis Capital Limited
  2. Motilal Oswal Investment Advisors Pvt Ltd
  3. SBI Capital Markets Limited