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The Rs 880-crore iinitial public offering of TVS Supply Chain Solutions will close for public subscription today. The Initial Public Offering (IPO) of TVS Supply Chain Solutions, part of TVS Mobility Group, was subscribed 1.03 times at the end of day two of subscription on Friday. The IPO received bids for 2.58 crore shares against 2.51 crore shares on offer, according to data available with the exchanges.The price band fixed at ₹187-197. The market lot is 76 equity shares.
The offer consists of a fresh issue of up to such number of equity shares aggregating up to ₹600 crore, and an offer for sale of up to 1.42 crore shares from promoters and selling shareholders. Among the sellers in the OFS are Omega TC Holdings PTE. Ltd (1.07 crore shares), Tata Capital Financial Services Ltd (9.85 lakh Shares) and Kotak Special Situations Fund and TVS Motor Company (1 lakh shares each) and up to 22.94 lakh shares by certain other selling shareholders.
The category for Retail Individual Investors (RIIs) was subscribed 3.62 times while the portion for non-institutional investors received bids for 1.02 times and the quota for Qualified Institutional Buyers (QIBs) got subscribed 0.15 times.
The IPO has reserved not less than 75 per cent of the shares in the public issue for Qualified Institutional Buyers, not more than 15 per cent for Non Institutional Investors (NII), and not more than 10 per cnet of the offer is reserved for Retail Investors.
As part of the IPO process, the supply chain firm on Wednesday raised ₹396 crore from anchor investors by deciding to allot 2.01 crore shares at the upper end of the price-band — ₹197. Among the investors include Franklin Templeton MF, SBI Life Insurance, Sundaram Mutual Fund, Tata MF, Societe Generale, BNP Paribas Arbitrage, Copthall Mauritius Investments, Authum Investment, Aurigin Master, India Opportunities Growth from – Pinewood Strategy, and Winro Commercial.
The company plans to utilise the fresh issue worth ₹600 crore to repay its debt and its subsidiaries’ TVS LI UK and TVS SCS Singapore and for general corporate purposes. The book-running lead managers for the TVS Supply Chain IPO are JM Financial, Axis Capital, JPMorgan India, BNP Paribas, Nuvama Wealth Management and Equirus Capital. Link Intime India Private Ltd is the IPO registrar.
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