TVS Supply Chain Solution refiles IPO papers with reduced issue size

TVS Supply Chain Solutions, part of TVS Mobility Group has re-filed draft papers with the capital markets regulator SEBI and cut the fresh issuance size to Rs 750 crore from Rs 2,000 crore planned earlier.

The company has filed DRHP in February 2022 to float initial public offer and get approval in May 2022, but did not launch the IPO amid weaker market conditions. 

The company again filed preliminary IPO papers to seek fresh clearance. According to DRHP, TVS Supply Chain Solutions’ initial share-sale consists of a 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.

The OFS include Omega TC Holdings Pte. Ltd, Tata Capital Financial Services Ltd, Mahogany Singapore Company Pte. Ltd, TVS Motor Company Limited, Kotak Special Situations Fund, Andrew Jones, Ramalingam Shankar, Ethirajan Balaji, Dinesh Narayan and Sargunaraj Ravichandran.

The company will use net proceeds from the issue towards payment of debt availed by the company and its subsidiaries — TVS LI UK and TVS SCS Singapore — and for general corporate purposes.

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.