Ahead Of IPO, TVS Supply Chain Solutions Collects Rs 396 Crore From Anchor Investors

TVS Supply Chain Solutions, part of TVS Mobility Group, on Wednesday said it has mobilised Rs 396 crore from anchor investors ahead of its initial public offering.

The company has allocated 2.01 crore equity shares to 18 funds at Rs 197 apiece, according to a circular uploaded on the BSE website.

Societe Generale, BNP Paribas Arbitrage, Copthall Mauritius Investment Ltd, SBI Life Insurance Company, Tata Mutual Fund, Sundaram Mutual Fund, and Franklin India Mutual Fund are among the anchor investors, the circular showed. 

The IPO comprises a fresh issue of equity shares aggregating up to Rs 600 crore and an Offer For Sale of 1.42 crore equity shares by existing shareholders.

Those offering shares in the OFS include Omega TC Holdings Pte Ltd, Tata Capital Financial Services, TVS Motor Company and Kotak Special Situations Fund.

The issue, with a price band of Rs 187-197 per share, will be open for public subscription during August 10-14.

Proceeds from the fresh issue to the tune of Rs 525 crore will be utilised for payment of debt availed by the company and its subsidiary TVS LI UK. Besides, funds will be used for inorganic growth strategy and general corporate purposes.

At the upper end of the price band, the IPO is expected to fetch Rs 880 crore.

TVS Supply Chain Solutions is present in over 25 countries. The company is promoted by erstwhile TVS Group and is now part of TVS Mobility Group, which has four business verticals -- supply chain solutions, manufacturing, auto dealership, and aftermarket sales and service.

JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Nuvama Wealth Management, and Equirus Capital are the book-running lead managers to the IPO.