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IPO

Tamilnad Mercantile Bank files DRHP for Rs.1,000-Cr IPO

Business Standard  

Tamilnad Mercantile Bank (TMB) has filed a draft red herring prospectus (DRHP) with the capital markets regulator Securities and Exchange Board of India (Sebi) for an Initial Public Offering (IPO). The IPO will include an issue of 15.83 million fresh equity shares at a face value of INR 10 each and an offer for sale of up to 12,505 shares by promoters and existing shareholders. Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are appointed as book running lead managers for the IPO. TMB had posted a 48% rise in net profit at INR 603.3 crore for the financial year ended March 2021 (FY21) as against INR 407.69 crore in the year ended March 2020 (FY20). TMB has around 509 branches. As of June 30, 2021, it had a customer base of around 4.93 million.