Tamilnad Mercantile Bank has again launched its DRHP

27 August 2022

The initial public offering (IPO) of the Tamilnad Mercantile Bank Ltd will open for subscription on September 5 and close on September 7, the latest in the line of companies looking to go public.

The IPO is a fresh issue of 1.58 crore shares. Axis Capital, Motilal Oswal, SBI Capital Markets are the lead managers of the issue. The anchor book bidding will start on September 2. Shares will be allotted to dematerialized accounts of successful investors on September 14 and stock will make its market debut on September 15

The main objective of the fresh issue of the company is to meet the capital adequacy requirements and they proposed to utilize it towards augmenting its Tier–I capital base to meet its future capital requirements.

Open : 05-Sep-2022

Close : 07-Sep-2022

Listing:15-Sep-2022

Price : ₹500 - ₹525

Market Lot : 28 Shares

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