11 Aug 2023 , 09:07 PM
The public offering of TVS Supply Chain Solutions, a subsidiary of TVS Mobility Group, has witnessed a promising response from investors, with 2.58 crore equity shares subscribed out of an offer size of 2.51 crore shares by August 11, marking a 1.03 times on the second day of bidding. Click here to subscribe the IPO.
The Chennai-based logistics solutions provider aims to raise Rs 600 crore through a fresh issue, with an additional Rs 280 crore from an offer-for-sale (OFS). A total of 22 shareholders are participating in the OFS.
Retail investors displayed enthusiasm by oversubscribing their portion 3.62 times, which constitutes 10% of the total offer size. High net-worth individuals have also shown keen interest, subscribing 102% of their allocation, accounting for 15% of the total IPO size. Qualified institutional buyers, who have a 75% reserved portion, have subscribed 15% so far.
The Rs 880-crore public issue achieved a 55% subscription on its opening day. With a price band set at Rs 187-197 per share, the IPO is scheduled to conclude on August 14.
Proceeds from the fresh issue will be utilized to repay a debt of Rs 525 crore, while the funds raised from the offer-for-sale will be directed to the selling shareholders.
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