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IPO Details

Issue Date

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Investment/lot

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Price Range

500 - 525

Lot Size

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IPO Size

₹ 807.84 Cr

IPO Listing Details

Listing On

15 Sep'22

Issue Price

525

Listed Price

₹ 495

Retail Gain/Listing Gain

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Start date

End date

Allotment of bids

Refund Initiation

Listing on exchange

Tamilnad Mercantile Bank Limited (TMB) is one of the oldest and leading old private sector banks in India with a history of almost 100 years (Source: CRISIL Report). The bank offers a wide range of banking and financial services primarily to micro, small and medium enterprises (MSME), agricultural and retail customers (RAM). As of March 31, 2022, it had 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. Its overall customer base is approximately 5.08 million as of March 31, 2022 and 4.05 million or 79.78% of its customers have been associated with the bank for a period of more than five years.

As per the CRISIL Report, TMB had the second highest net profit for Fiscal 2022 (FY22) amongst its peers, and its Return on Assets was also higher at 1.66% compared to a median 0.8% for peers for FY22.

The bank was incorporated as ‘Nadar Bank Limited’ in 1921 and its name was changed to ‘Tamilnad Mercantile Bank Limited’ in the year 1962 when it received its license to carry on banking business from the Reserve Bank of India (RBI).

Since its incorporation, having head quartered at Thoothukudi, Tamil Nadu, India, the bank has built a strong presence in the state of Tamil Nadu, with 369 branches and 949 automated teller machines (ATMs) and 255 cash recycler machines (CRMs) as of March 31, 2022. Other than Tamil Nadu, TMB is present in 15 other states and 4 union territories of India and have a sizable presence in the states of Maharashtra, Gujarat, Karnataka, and Andhra Pradesh.

The company has also been consistently growing its customer base from approximately 4.66 million as of March 31, 2020, approximately 4.91 million as of March 31, 2021 to approximately 5.08 million as of March 31, 2022 at the CAGR of 4.41% from FY20 to FY22.

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Strong legacy, loyal customer base and focus on improving servicing framework:
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Strong presence in Tamil Nadu with focus on increasing presence:
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Advances with focus on MSME, agricultural and retail segments:
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Consistently growing deposit base with focus on low-cost retail CASA:
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Here are a few strategies Tamilnad Mercantile Bank Limited has for its business:

  • Continue to strengthen its product portfolios across deposits and advances

  • Transformation through technology to improve efficiency and customer experience

  • Continue to improve asset quality

And finally here’s a look at key financials of Tamilnad Mercantile Bank Ltd.

Particulars (in Rs. million)

Particulars (in Rs. million)

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Tamilnad Mercantile Bank Ltd IPO FAQs

807.84 is the issue size of Tamilnad Mercantile Bank Ltd IPO.

The price band of Tamilnad Mercantile Bank Ltd IPO is ₹500 to ₹525.

The Tamilnad Mercantile Bank Limited IPO has an issue size of Rs 831.6 crore. The IPO opens for subscription on 5th September, 2022, and ends on 7th September, 2022.

The allotment dates are yet to be announced.

Link Intime India Private Limited is the registrar for this IPO.

The dates are yet to be decided.

You can read more about Tamilnad Mercantile Bank Limited and its IPO from the company’s red herring prospectus (RHP) here.

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