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Old generation private sector bank, Tamilnad Mercantile Bank is likely to focus on strengthening its footprint in the phygital platform apart from expanding its branch network for the current financial year. The bank made its market debut on Thursday at 3% discount from the initial public offering (IPO) price.
Managing Director and CEO S Krishnan of the bank told reporters said, the retail, agriculture, and micro, small and medium enterprises (RAM) segments would be the focus areas as this vertical comprises 88% of the bank’s exposure, as reported by PTI.
In the retail segment, Krishnan highlighted that the bank will focus on home loans and vehicle loans.
He further told reported that the bank mobilised about ₹850 crore and its immediate focus will be RAM segment. He added, that they will be focusing more than phygital platforms.
On the listing, the MD said, it all depends on market conditions. He believes the bank is good and expects to further pick up in days to come.
When asked about promoters post the company’s IPO, the MD said, it is a professionally managed company and there is no promoter (right now). All the traditions and legacy (of the bank) will be followed.
Krishnan aims to promote the bank as a strong mid-size bank.
Krishnan took charge as the Bank’s MD and CEO on September 5 for a period of 3 years. He succeeded K V Rama Moorthy.
On BSE, the bank’s shares closed at ₹508.45 apiece marginally down from the IPO issue price. The stock debuted at ₹510 per share — at a discount of 2.94% from the IPO’s upper price band.
The shares’ 52-week high and low are at ₹519 per share and ₹484 per share respectively.
The bank’s market valuation is around ₹8,051.38 crore at the closing price.
Tamilnad Mercantile Bank is listed under the ‘T’ Group on BSE.
Tamilnad IPO was launched from September 5 to September 7. The IPO was entirely a fresh issue with 15,840,000 equity shares (including the anchor portion) offered for subscription at a price band of ₹500 to ₹525 per equity share. On the last day of the issue, the IPO was fully subscribed by 2.86 times.
With over 100 years of experience, Tamilnad Mercantile Bank is one of the oldest and leading old private sector banks in India. The bank’s services focus on a wide range of banking and financial services primarily to micro, small and medium enterprises, agricultural and retail customers.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
