The Chennai-based TVS Supply Chain Solutions Ltd will open its Initial Public Offering (IPO) for subscription on August 10 and close on August 14. The anchor book will open on August 9.
The basis of allotment will be on August 22 and the equity shares will be credited to depository accounts of allottees on August 23. The stock will be listed on exchanges on August 24.
TVS has plans to raise around Rs 600 crore from fresh issues as against Rs 2,000 crore decided earlier. It has cut its offer-for-sale to 14.23 million shares from 59 million shares earlier planned.
In the OFS segment, Omega TC Holdings PTE Ltd will sell up to 10.73 million shares, Tata Capital Financial Services Ltd up to 9.84 lakh shares, Sargunaraj Ravichandran up to 5.80 lakh shares, Andrew Jones up to 4 lakh shares, Ramalingam Shankar up to 3.15 lakh shares and Ethirajan Balaji will sell up to 2.5 lakh shares.
The company will use the proceeds from the fresh issue worth Rs 600 crore to repay the debt of the company and its subsidiaries TVS LI UK and TVS SCS Singapore. As of March 2023, TVS group’s total borrowings on a consolidated basis were at Rs 1989.62 crore.
The leading managers to the issue include JM Financial, Axis Capital, JP Morgan India, Edelweiss Financial, Equirus Capital, and BNP Paribas.
TVS Supply Chain Solutions, promoted by the erstwhile TVS Group, is now part of the TVS Mobility Group. The group has four business verticals — supply chain solutions; manufacturing; auto dealership and aftermarket sales and service.
The company in FY23, reported a revenue of Rs 10,235.38 crore as against Rs 9,249.79 crore a year ago, while its net profit stood at Rs 41.76 crore as against a loss of Rs 45.80 crore last year.