TVS Supply Chain Solutions Limited on Tuesday announced it is entering the capital market to raise ₹ 880 crore. The company proposes to open its initial public offering of Equity Shares on Thursday, August 10, 2023. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, Wednesday, August 09, 2023. Bid/ Offer Closing Date will be Monday, August 14, 2023.
The Price Band of the Offer has been fixed from ₹ 187 per Equity Share to ₹ 197 per Equity Share. Bids can be made for a minimum of 76 Equity Shares and in multiples of 76 Equity Shares thereafter.
TVS Supply Chain Solutions IPO comprises a fresh issue of equity shares aggregating up to ₹600 crore and an Offer for Sale (OFS) component of 1.42 crore equity shares totalling Rs 280 crore by existing shareholders.
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 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.
Around 75% of the issue size has been reserved for qualified institutional investors, 15% for non-institutional investors and the remaining 10% for retail investors, the company said.
Investors can bid for a minimum of 76 shares and in multiples thereof.
The basis of allotment of shares is expected to be fixed on August 18 and initiation of refunds to take place on August 21. TVS Supply Chain Solutions shares are likely to be credited to the Demat accounts of eligible investors on August 22.
TVS Supply Chain Solutions shares are estimated to be listed on August 23, on BSE and NSE.
JM Financial, Axis Capital, J P Morgan India, BNP Paribas, Nuvama Wealth Management and Equirus Capital are the book-running lead managers to the IPO.
TVS Supply Chain Solutions is present in over 25 countries. The company is promoted by erstwhile TVS Group and is now part of TVS Mobility Group, which has four business verticals — supply chain solutions, manufacturing, auto dealership, and aftermarket sales and service