Bank IPO: Price band for IPO has been set at Rs 500-525 by TMB

Upcoming IPO 2022 - Photo : Istock

Bank IPO: TMB fixed a price band of Rs 500-525 for IPO, investment will be done between these dates

Bank IPO: Tamilnad Mercantile Bank’s IPO has a lot size of 28 shares. A minimum of one lot must be purchased by the investor. Therefore, the investor will have to invest at least Rs 14700 in this IPO.

The IPO (Initial Public Offering) of Tamilnad Mercantile Bank (TMB) is scheduled for September 5 (Monday). In an IPO announcement on Tuesday, the bank said its price band would be between Rs 500 and 525. The IPO will have a total value of Rs 832 crore. AppiPO is accepting investments between September 5 and 7. Successful applicants will receive shares on September 14 after the IPO. We have been told by the bank that we expect the company’s shares to be listed on September 15.

Here are the highlights of IPO

Tamilnad Mercantile Bank’s draft red herring prospectus (DRHP) indicates that the bank will issue 1,58,27,495 fresh equity shares and offer 12,505 shares for sale by its shareholders. D Prem Palanivel and Priya Rajan will sell up to five thousand equity shares, Prabhakar Mahadev Bobde will sell up to one thousand equity shares, and Narasimhan Krishnamurthy and M Malliga will sell up to 505 equity shares. The equity shares will be sold by Rani and Subramaniam Venkateswaran Iyer in batches of five.

What is the minimum investment required?

There is a lot size of 28 shares in the Tamilnad Mercantile Bank IPO. Investors are required to buy at least one lot. Therefore, this IPO requires an investment of at least Rs 14700.

Where will the bank use the funds from the IPO?

The proceeds of Tamilnad Mercantile Bank’s IPO will be used to meet the bank’s capital requirements in the future. Axis Capital, Motilal Oswal, and SBI Capital are the lead managers of the bank’s IPO. Nearly 100 years have passed since Tamilnad Mercantile Bank was founded. It is one of the country’s oldest private sector banks. Bank customers include micro, small, and medium enterprises, agriculture, and retail.

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