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The IPO of the country’s oldest private bank is opening from today, know the opinion of experts on investment

Latest IPO in September 2022: If you believe in investing in the private banking sector, then this news is of your use. The IPO of Tamilnad Mercantile Bank will open from today (September 5, 2022). The price band of this IPO has been kept at Rs 500-525 per share. The IPO will close on 7 September 2022. That is, you can apply for this only till 7 September. The lot size of this IPO is 28 shares. That is, you have to invest Rs 14700 according to the maximum price for 1 lot. This IPO is worth Rs 832 crore. According to the documents given by the company, the company will issue 1.58 crore new shares.

What is the history of the company

If we talk about Tamilnad Mercantile Bank, then it is one of the oldest private bank in the country. The main work of this bank is to provide banking and financial services to micro, small and medium industries (MSMEs), agriculture and retail customers. Its history is 100 years old. It started in the year 1921 as Nadar Bank. At present it has 509 branches running. Out of this, 369 branches are in Tamil Nadu itself. Branches located in Tamil Nadu contribute more than 70% of the bank’s business. The net income of this bank was Rs 8212 crore in the financial year 2022.

Why is it raising money from IPO?

Tamilnad Mercantile Bank (TMB) will use the proceeds from the IPO to increase its core capital and meet future capital requirements. Apart from this, the company is also contemplating to gradually increase the operation in other states.

What is expert advice

If you want to know the opinion of experts before investing money in this IPO, then let us tell you that most of the research agencies and brokerage houses are giving investment advice in this IPO. Behind this is the good performance of this bank. The net NPA of the bank is less than 1%. Its income is increasing continuously, although experts are taking a long-term view.

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