The company offers savings, recurring, term deposit, and current accounts debit and credit cards and demat and equity trading account, POS terminal, e-tax payment, online bill payment, mutual fund, insurance, mutual fund, sovereign gold bond scheme, money transfer, forex, treasury, and Internet and mobile banking services. It operates through Treasury, Corporate and Wholesale Banking, Retail Banking, and Other Banking Operations segments. In view of its improving assets quality, lower NPAs, focus on strategic expansion, growing deposit base with a focus on low-cost retail CASA, strong financial track record and valuation comfort, we recommend a ‘SUBSCRIBE’ to the issue.Tamilnad Mercantile Bank Limited provides banking and financial products and services in India. It intends to focus more on fee-based products such as issuing debit cards, credit cards, insurance, online bill payment, DP services, etc.

It continues to expand relationship banking facilities to increase network.

TMB focussed on diversifying product portfolio to access more client base. TMB is one of the oldest banks with 100+ years of legacy. Reliance Securities in its report noted, “The IPO is valued at 1.6x FY22 Book. With a loyal customer base and focus on improving servicing framework, strong presence in Tamil Nadu with focus to increase presence in other strategic regions, consistent increase in profits and plans of further investment in technology, we a recommend subscribe on the issue with a long-term perspective.” IIFL Research in its IPO note said, “At the upper price band of ₹525, Tamilnad Mercantile Bank Limited is demanding a P/E multiple of ~9.1X based on FY22 earnings, while the industry average is 11.85x. The research teams at IIFL Securities and Reliance Securities in their respective IPO notes have given a “Subscribe” rating to the offer. The anchor investors include Societe Generale, Nomura Singapore, Bajaj Allianz Life Insurance Company, Max Life Insurance Company, Kotak Mahindra Life Insurance Company and Moneyewise Financial Services among others. Before heading into the IPO, the Tuticorin-based bank on Friday raised over Rs 363.52 crore (Rs 3,63,52,80,000) from 21 anchor investors in lieu of 71,28,000 equity shares at Rs 510 each, data from the stock exchanges showed.

Tamilnad mercantile bank