The Chennai based company had in April refiled draft red herring prospectus (DRHP) with Securities & Exchange Board of India (SEBI) for the IPO.

It has obtained Sebi’s observation letter on July 18. In the regulator’s parlance, its observations mean approval to launch the public issue.

As per the revised DRHP, Tvs Supply Chain Solutions IPO consists of a fresh issue of equity shares aggregating up to ₹750 crore and an Offer for Sale (OFS) of over 2 crore equity shares by promoters and existing shareholders.

The company has reduced the fresh issue size from ₹2,000 crore earlier and the OFS from 5.9 crore shares earlier planned.

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Those taking part in the OFS include Omega TC Holdings Pte. Ltd, Tata Capital Financial Services Ltd, Mahogany Singapore Company Pte. Ltd, TVS Motor Company Limited, Kotak Special Situations Fund, Andrew Jones, Ramalingam Shankar, Ethirajan Balaji, Dinesh Narayan and Sargunaraj Ravichandran.

The company proposes to utilise the proceeds from the fresh issue for payment of debt availed by it and its subsidiaries — TVS LI UK and TVS SCS Singapore — and for general corporate purposes.

The book-running lead managers to the TVS Supply Chain IPO are JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Edelweiss Financial Services, and Equirus Capital.

TVS Supply Chain Solutions is an integrated supply chain solutions provider and is present in over 25 countries.

The company is promoted by the erstwhile TVS Group and is now part of the TVS Mobility Group, which has four business verticals — supply chain solutions; manufacturing; auto dealership and aftermarket sales and service.

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Updated: 25 Jul 2023, 01:18 PM IST