TVS Supply Chain Solutions, a part of TVS Mobility Group, has officially received market regulator SEBI’s approval to raise funds through an initial public offering (IPO).
The IPO will consist of fresh issue of equity shares aggregating up to Rs 750 crore and an Offer for Sale (OFS) of over 2 crore equity shares by promoters and existing shareholders, according to the draft red herring prospectus (DRHP).
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The company has reduced the fresh issue size from ₹2,000 crore earlier and the OFS from 5.9 crore shares earlier planned.
Offering shares in OFS will include Omega TC Holdings Pte. Ltd, Tata Capital Financial Services Ltd, Mahogany Singapore Company Pte. Ltd, TVS Motor Company Ltd, Kotak Special Situations Fund, Andrew Jones, Ramalingam Shankar, Ethirajan Balaji, Dinesh Narayan, and Sargunaraj Ravichandran.
The company had filed its preliminary IPO papers in April and had obtained its observation letter on July 18.
As per its draft papers, the funds will be utilised for payment of debt availed by the company and its subsidiaries — TVS LI UK and TVS SCS Singapore — and for general corporate purposes.
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The integrated supply chain solutions provider is present in 25 countries and is promoted by TVS Group. It is now part of the TVS Mobility Group, which has four business verticals — supply chain solutions, manufacturing, auto dealership, and aftermarket sales and service.
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JM Financial, Axis Capital, J P Morgan India, BNP Paribas, Edelweiss Financial Services, and Equirus Capital are the book-running lead managers to the IPO.