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Private sector lender Tamilnad Mercantile Bank on Tuesday said it has fixed a price band of Rs 500-525 per share for the Rs 832 crore-Initial Public Offering (IPO).

The initial share sale will open on September 5 and conclude on September 7. The bidding for anchor investors will open on September 2.

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The IPO will be a fresh issue of 1.58 crore equity shares and the Tuticorin-based bank proposes to utilise the proceeds from the issue for augmenting its Tier-I capital base to meet future capital requirements, according to the Red Herring Prospectus (RHP).

Tamilnad Mercantile Bank is one of the oldest private sector banks in the country with a history of almost 100 years. It offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSMEs), agricultural and retail customers.

At the upper end of the price band, the bank is expected to mobilise Rs 831.6 crore through the IPO.

The company said that 75 per cent of the issue has been reserved for the qualified institutional investors, 15 per cent for the non-institutional investors and the remaining 10 per cent for retail investors.

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Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book running lead managers to the public issue. The equity shares are proposed to be listed on BSE and NSE. PTI SP RAM

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