TVS Supply Chain IPO subscribed 55% on Day 1 of offer

The Initial Public Offer (IPO) of TVS Supply Chain Solutions, part of TVS Mobility Group, was subscribed 55 per cent on the first day of subscription on Thursday.

The IPO received bids for 1,37,49,844 shares against 2,51,22,289 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 1.71 times while the portion for non-institutional investors received 69 per cent subscription and the quota for Qualified Institutional Buyers (QIBs) got subscribed 8 per cent.

The IPO has a fresh issue aggregating up to Rs 600 crore and an offer for sale of up to 1,42,13,198 equity shares.

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 price range for the offer is Rs 187-197 per share.

TVS Supply Chain Solutions on Wednesday said it has mobilised Rs 396 crore from anchor investors.

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 (TVS SCS) 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, J P Morgan India, BNP Paribas, Nuvama Wealth Management and Equirus Capital are the managers to the offer.