Tamilnad Mercantile Bank IPO To Open On September 5

After Dreamfolks Services drew strong investor response, there is another IPO lined up for launch on September 5 by the Tamilnad Mercantile Bank Ltd. The offer period for the issue is until September 7.

The IPO is a fresh issue of 1.58 crore shares. Axis Capital, Motilal Oswal, SBI Capital Markets are the lead managers to the issue. The anchor book building process shall begin on September 2.

Thoothukudi (formerly Tuticorin)-based private bank aims to use the proceeds from the issue towards augmenting its tier-I capital base to meet its capital requirements.

As of March 31, 2022, the lender needs to maintain a minimum CRAR of 11.5 percent. Its tier I capital adequacy ratio was at 20.46 percent and Tier-I capital is Rs 5231.77 crore.

Tamilnad Mercantile Bank offers a range of banking and financial services primarily to micro, small and medium enterprises, agricultural and retail customers.