The ₹880-crore initial public offering of TVS Supply Chain Solutions was subscribed 2.78 times on the last date of issue closing on Monday, thanks to retail investors.

The IPO, which came out with a price band of ₹187-197, received bids for 6.99 crore shares against 2.51 crore shares of the public offer.

The category for retail individual investors was subscribed 7.61 times while the portions reserved for non-institutional investors and qualified institutional buyers were subscribed 2.35 times and 1.35 times respectively.

The IPO of TVS Supply Chain Solutions, part of TVS Mobility Group, consisted of a fresh issue of ₹600 crore, and an offer for sale of up to 1.42 crore shares from promoters and selling shareholders.

Sellers

Among the sellers in the OFS were 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.

As part of the IPO process, the supply chain firm had raised ₹396 crore from anchor investors just ahead of the issue by allotting 2.01 crore shares at ₹197 a share. Among the investors were 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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