TVS Supply Chain Solutions IPO Set to Open on August 10, Closing on August 14

4 Aug 2023 , 11:52 AM

Supply chain management company, TVS Supply Chain Services Limited initial public offer is going to open for subscription on August 10 and will conclude on August 14. The anchor book of the IPO will open on August 9.

As per IPO timetable, the company will finalise basis of allotment of shares on August 18 and initialization of refunds will take place on August 21. On August 23, the allottees’ depository accounts will be credited with the equity shares, followed by the stock’s listing on exchanges on August 24.

As per RHP, the company is planning to raise Rs 600 crore from the fresh issue of equity shares and an offer-for-sale of up to 14,213,198 shares. 

In the Offer for Sale (OFS) segment, Omega TC Holdings PTE Ltd plans to sell a maximum of 10.73 million shares, Tata Capital Financial Services Ltd intends to sell up to 9.84 lakh shares, Sargunaraj Ravichandran is offering up to 5.80 lakh shares, Andrew Jones is putting up to 4 lakh shares on sale, Ramalingam Shankar is looking to sell up to 3.15 lakh shares, and Ethirajan Balaji will be offloading up to 2.5 lakh shares.

The funds generated from the fresh issue amounting to Rs 600 crore will be allocated towards repaying debt held by the company and its subsidiaries, namely TVS LI UK and TVS SCS Singapore and for other general corporate purposes. As of March 2023, the total consolidated borrowings of the company stood at Rs 1989.62 crore.

JM Financial, Axis Capital, JP Morgan India, Edelweiss Financial, Equirus Capital and BNP Paribas are the merchant bankers while Link Intime India Pvt Ltd is the registrar to the issue.