 "TVS Supply Chain Solutions gets Sebi's approval for launching IPO")
TVS Supply Chain Solutions (TVS SCS), which is part of the Rs 15,000-crore TVS Mobility Group, has got the Securities and Exchange Board of India’s approval to raise funds through an initial public offering (IPO).
The IPO will include a fresh issue of equity shares of around Rs 750 crore and an offer for sale (OFS) of more than 20 million equity shares by promoters and shareholders. The company’s shareholders, which include parent group TVS Mobility, and investors like Tata Capital Financial Services Ltd and Omega TC Holdings plan to sell 20 million shares in the IPO.
This will be the first IPO by a TVS family company in three decades, after TVS Electronic in 1994. The company originally submitted its IPO document with the market regulator in February 2022 to raise around Rs 2,000 crore, but delayed the plan due to unfavourable market conditions. It submitted fresh documents in April.
The IPO will be smaller this time — Rs 750 crore compared to Rs 2,000 crore planned initially – as the company has already raised Rs 520 crore. The OFS will be reduced, too: from 59.5 million equity shares by existing investors to 20 million now.
TVS SCS, one of the largest companies under the TVS fold, is promoted by TVS Mobility Group, T S Rajam Rubbers, Dhinrama Mobility Solution, and Ramachandhran Dinesh.