Thoothukudi (Tuticorin) based Tamilnad Mercantile Bank (TMC) is all set to launch its IPO on 5th September 2022. TMC was incorporated in the year 1921 and is a 101-year old bank with its strong presence in southern part of India.
TMC has been offering varied range of its financial products and banking services to their customers. The bank is well known for its product & services to Micro-Small- and Medium Enterprises (MSMEs) apart from its retail banking services.
As on 31st March 2022, TMC has strong presence of 509 branches across the country of which majority are spread across Tamil Nadu state and rest are spread predominantly across Karnataka, Andhra Pradesh, Maharashtra & Gujarat. The bank also claims to have a strong customer base of over 50 Lakhs.
- During this IPO, 1.58 Crore equity shares are on offer for sale to raise nearly Rs. 831+ Crores.
- TMC IPO is open between 5th Sep-7th Sep, 2022.
- Price band for TMC IPO has been placed between Rs. 500-525 per equity share.
- Minimum lot size 28 equity shares and after that in multiple of 28.
- Minimum investment Rs. 14,700/- for 1 lot of 28 equity shares.
- 10% is the Retail Quota, 75% is for QIB & 15% available for NII.
