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TVS Supply Chain Solutions IPO ends with decent subscription

Published on Aug 16, 2023 10:47

The Retail Individual Investors (RIIs) category was subscribed 7.61 times. The Non Institutional Investors (NIIs) category was subscribed 2.35 times. The Qualified Institutional Buyers (QIBs) category was subscribed 1.35 times.

The initial public offer (IPO) of TVS Supply Chain Solutions received bids for 6,99,15,440 shares as against 2,51,22,289 shares on offer. The issue was subscribed 2.78 times.

The issue opened for bidding on 10 August 2023 and it closed on 14 August 2023. The price band of the IPO was fixed at Rs 187-197 per share.

The issue comprised both fresh issue and offer for sale. While fresh issue consisted new equity shares aggregating upto Rs 600 crore and that of offer for sale comprised sale of 14,213,198 equity shares.

Of the net proceeds from fresh issue about Rs 525 crore will be used to prepay all or a portion of certain borrowings availed by the company and its UK Subsidiary, i.e., TVS LI and balance for general corporate purposes.

Total consolidated borrowings of the company as of 31 March 2023, was Rs 1,989.616 crore million.

Ahead of the IPO, TVS Supply Chain Solutions on Wednesday, 9 August 2023, raised Rs 395.99 crore from anchor investors. The board allotted 2.01 crore shares at Rs 197 each to 18 anchor investors.

TVS Supply Chain Solutions (TSCS), a part of TVS Mobility Group (earlier part of erstwhile TVS Group), is a leading integrated supply chain solutions provider that has global capabilities and network across the value chain with cross deployment abilities.

The company reported a net profit of Rs 39.81 crore and net sales of Rs 10,235.38 crore for the twelve months ended on 31 March 2023.

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