TVS Supply Chain Solutions, which was scheduled to finalize the basis of allotment of its shares on Friday, August 18, may announce it on Monday, August 21. The Rs 880 crore primary offering had received a mixed response from the investors during the three-day bidding process, which opened between August 10-14.
The IPO of TVS Supply Chain was overall subscribed 2.85 times. The company sold its shares in the range of Rs 187-197 apiece with a lot size of 76 equity shares. The portion for qualified institutional bidders was booked 1.37 times, while the non-institutional investors’ category was subscribed 2.44 times. The quota reserved for retail investors was subscribed 7.89 times.
Read More: Jio Financial Services to be listed today: Key details you need to know
Grey market premium (GMP) of TVS Supply Chain Solutions has corrected sharply amid the volatile market sentiments and lower subscription levels. Last heard, TVS Supply China was commanding a premium of Rs 5 in the grey market, which was around Rs 22 on August 9, a day before the issue opened for subscription. The current grey market signal suggests a flat listing for the company.
Chennai-based TVS Supply Chain Solutions provides supply chain management services for international organizations, government departments, and large and medium-sized businesses. It offers its services in two segments namely- integrated supply chain solutions (ISCS) and network solutions (NS).
Read More: Stock Market Updates: Sensex Up 100 pts, Reclaims 65K; Nifty Holds 19,300; Key Things To Know
Brokerages had a mixed view on the issue. Select analysts suggested a ‘subscribe’ for the issue citing its asset-light business model, strong parentage, and growth prospects. However, a few have suggested to clearly ‘avoid’ the issue citing its highly rich valuations, which look more expensive compared to peers.
Investors, who had bid for the issue and have not checked their application status, can check the allotment status on the Bombay Stock Exchange (BSE) website, which is https://www.bseindia.com/investors/appli_check.aspx. They can check Equity as issue type and select the company name to proceed. One needs to only add application numbers and the PAN card ID before checking ‘I am not a Robot’ and hitting submit.
Read More: PNB Housing Finance shares rise over 8% on recovery of Rs 784 crore NPA
Investors can also check the allotment status on the online portal of Link Intime India Private Limited. (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue. Select the company name from all options, if the allotment is finalized. Fill either application number, demat account number, or PAN ID and the captcha accurately, before hitting submit.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
Bidders who could not get allotment in the IPO may see the initialization of refunds on Monday, August 21. Others, who would be allotted shares may see the credit of shares, in the demat accounts by Tuesday, August 22. The listing of the IPO is likely on Wednesday, August 23.
