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Subscribe to Tamilnad Mercantile Bank: ICICI Direct

ICICI Direct has come out with its report on Tamilnad Mercantile Bank. The research firm has recommended to ''Subscribe'' the ipo in its research report as on September 03, 2022.

September 05, 2022 / 08:32 AM IST
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ICICI Direct IPO report on Tamilnad Mercantile Bank

Tamilnad Mercantile Bank (TMB) is one of the oldest and leading old private sector banks in India, with a history of close to a 100 years. It primarily focuses on RAM segment (i.e. retail, agriculture and MSME), which constitutes ~88% of total advances as of March 2022 • TMB has built a strong presence in Tamil Nadu, with 369 branches and 949 ATMs as of March 2022. Total branches are 509 of which 247 are in semiurban, 106 in rural, 76 in metro and 80 in urban areas.

Valuation and Outlook

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