TVS Supply Chain Solutions gets SEBI nod for IPO launch
The SEBI has approved the launch of an IPO for TVS Supply Chain Solutions, a unit of TVS Mobility Group. TVS Supply Chain Solutions, which submitted the draught papers in February, plans to launch a new equity offering of up to 2,000 crore and an Offer for Sale (OFS) of up to 5.95 crore equity shares by the promoter and current investors. The size of the initial public offering will be Rs. 5,000 crore, according to market sources.
The corporation might take into account a pre-IPO placement of up to Rs. 400 crore. According to the draught papers, if such a placement is made, the fresh issue size will be decreased. Rs 1,166 crore of the fresh issue’s proceeds would go towards debt repayment, while Rs 75.2 crore will go towards capitalising the company’s strategically significant subsidiaries in Thailand, the United States, and Germany.
The book running lead managers for the IPO are JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Edelweiss Financial Services, and Equirus Capital.
Source: Media Reports