TVS Supply Chain Solutions receives SEBI approval to proceed IPO

26 Jul 2023 , 10:40 AM

TVS Supply Chain Solutions Limited, a subsidiary of TVS Mobility Group, has obtained approval from SEBI to launch its initial public offering (IPO). The company resubmitted its draft prospectus to SEBI in April 2023 and received the observation letter on July 18.

As per the Draft Red Herring Prospectus (DRHP), the IPO will consist of a fresh issue of equity shares valued at up to Rs 750 crore, along with an offer for sale (OFS) of over 2 crore equity shares by promoters and existing shareholders. Entities participating in the OFS 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 has decided to reduce the IPO size from Rs 2000 crore (fresh issue) to Rs 750 crore and the offer for sale from 5.9 crore shares to 2 crore shares.

JM Financial, Axis Capital, J P Morgan India, BNP Paribas, Edelweiss Financial Services, and Equirus Capital will serve as the book-running lead managers for the IPO.