Tamilnad Mercantile Bank Limited IPO: Issue opens 05th September 2022
Incorporated in 1921, Tamilnad Mercantile Bank (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.
Objects of the Issue:
The net proceeds from the issue will be utilized for the following purposes;
- To augment tier-I capital base to meet future capital requirements.
- Meet offer issue expenses.
- To receive the benefits of listing the shares on the stock exchanges.
Company Strengths:
- 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 Promoters:
TMB is a professionally managed bank and does not have an identifiable promoters.
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