TMB sets price band of Rs 500-525 a share: IPO to open on September 5

Offer consists of fresh issue of 15.8 mn equity shares; bank is expected to raise Rs 832 crore at the upper end of the band; stock will start trading on Sept 15

Tuticorin-based Tamilnad Mercantile Bank (TMB) has set a price band of Rs 500-525 a share for its Rs 800 crore initial public offering (IPO) that opens on September 5 and closes on September 7.

Axis Capital, Motilal Oswal, SBI Capital Markets are the lead managers to the issue. The IPO consists of a fresh issue of 15.8 million equity shares. At the upper end of the price band, the bank is expected to raise around Rs 832 crore. The stock will start trading on September 15.

Of the 509 branches of TMB, 369 are in Tamil Nadu itself. The state