TVS Supply Chain Solutions IPO to open on August 10

TVS Supply Chain Solutions, promoted by the erstwhile TVS Group, is now part of the TVS Mobility Group. The company has four business verticals — supply chain solutions; manufacturing; auto dealership and aftermarket sales and service.

TVS Supply Chain IPO will open on August 10 and close on August 14. The anchor book will be open for a day on August 9.

The Chennai based supply chain logistics solutions provider had in April refiled draft red herring prospectus (DRHP) with Securities & Exchange Board of India (SEBI) for the IPO. It received capital market regulator’s approval for the launch of IPO in July.

Read here: TVS Supply Chain Solutions gets Sebi’s nod for IPO launch. Details here

TVS Supply Chain Solutions now plans to raise ₹600 crore from the fresh issue as against ₹2,000 crore decided earlier. It cut the offer-for-sale (OFS) portion to 1.42 crore shares from 5.9 crore shares earlier planned.

In the OFS, Omega TC Holdings PTE Ltd will sell up to 1.07 crore shares, Tata Capital Financial Services Ltd will sell up to 9.84 lakh shares, Sargunaraj Ravichandran up to 5.80 lakh shares, Andrew Jones up to 4 lakh shares, Ramalingam Shankar up to 3.15 lakh shares and Ethirajan Balaji will sell up to 2.5 lakh shares.

The company will finalise the basis of allotment on August 22 and the equity shares will be credited to demat accounts of eligible allottees on August 23. TVS Supply Chain Solutions shares will be listed on stock exchanges on August 24.

The company plans to utilise the fresh issue worth ₹600 crore to repay its debt and its subsidiaries’ TVS LI UK and TVS SCS Singapore and for general corporate purposes.

The book-running lead managers to the TVS Supply Chain IPO are JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Edelweiss Financial Services, and Equirus Capital.

Link Intime India Private Ltd is the IPO registrar.

Updated: 04 Aug 2023, 02:52 PM IST