Tamilnad Mercantile Bank Limited

Tamilnad Mercantile Bank Limited (TMB) is one of the oldest private sector banks in India, incorporated in 1921 and headquartered in Thoothukudi, Tamil Nadu. The bank provides a broad range of banking and financial services with a particular focus on micro, small and medium enterprises (MSMEs), agricultural customers and retail depositors and borrowers. As of March 31, 2022, TMB operated a network of 509 branches, of which 369 were located within Tamil Nadu, with the remaining branches spread across 15 other states and 4 union territories of India. The bank served a customer base of roughly 5.08 million and had built up total assets of around Rs 52,858 crore by the end of FY2022, alongside steady growth in profit after tax over the preceding three fiscal years. TMB has a strong regional presence and long operating history of close to a century, positioning it as a legacy player in the old private sector banking space in India. Shares of the bank were admitted to trading on the NSE and BSE in September 2022, following a fresh issue of equity aimed primarily at augmenting its capital base and supporting future growth.

Ahead of the offer, the bank raised about Rs 363.53 crore from anchor investors through the allotment of roughly 71.28 lakh shares at Rs 510 apiece. Participants in the anchor round included Societe Generale, Nomura Singapore, Bajaj Allianz Life Insurance, Max Life Insurance, Kotak Mahindra Life Insurance and Moneywise Financial Services.