As per reports, TVS Supply Chain Solutions submitted the records for the IPO in April and received approval from SEBI on July 18.
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In 2022, the stock market witnessed several initial public offerings (IPOs) of various companies. Some of these IPOs disappointed investors, while others proved to be profitable investments. Recently, the Securities and Exchange Board of India (SEBI) granted permission to TVS Supply Chain Solutions, a division of TVS Mobility Group, to raise funds through an IPO.
As per the draft proposal for the IPO, the promoters and current shareholders have made an Offer for Sale (OFS) of over 2 crore equity shares, along with a new issue of equity shares worth up to Rs 750 crore. Notable companies participating in the OFS include TVS Motor Company Ltd., Mahogany Singapore Company Pte. Ltd., Tata Capital Financial Services Ltd., Andrew Jones, Ramalingam Shankar, Ethirajan Balaji, Dinesh Narayan and Sargunaraj Ravichandran.
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Reports indicate that the organisation submitted the records for the IPO in April and received approval from SEBI on July 18. Furthermore, an update from SEBI was provided on Tuesday, confirming the approval to commence the public issue. According to the draft documents, the proceeds from the new issuance will be utilised for general corporate purposes and to repay the debts incurred by the firm and its subsidiaries, TVS Logistics Investment UK Ltd and TVS SCS Singapore Pte Ltd.
TVS Supply Chain Solutions is a prominent supply chain company operating in more than 25 countries. It is promoted by the TVS Group and is now also a part of the TVS Mobility Group, which encompasses four business chains, including supply chain solutions, manufacturing, auto dealerships, aftermarket sales and service. The book-running lead managers for the IPO are JM Financial, Axis Capital, J.P. Morgan India, BNP Paribas, Edelweiss Financial Services, and Equirus Capital.
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Additionally, SEBI has also approved the IPO of another company, Pyramid Technoplast, which will issue 55 lakh fresh equity shares. The promoters will also sell their shares through an Offer for Sale (OFS), with 37,20,000 equity shares on offer. The face price of the equity shares has been fixed at Rs 10.
