TVS Supply Chain Solutions, part of TVS Mobility Group, has re-filed draft IPO papers with capital markets regulator Sebi and cut the fresh issuance size to Rs 750 crore from Rs 2,000 crore planned earlier.The company, which got approval from Sebi in May 2022 to float the initial public offering (IPO), did not launch the issue amid weak market conditions. It had earlier filed its draft papers in February 2022.As per rules, a firm gets one year to hit the primary market after receiving an approval from Securities and Exchange Board of India (Sebi). In case a firm fails to launch IPO during this period, it has to refile the prospectus with the regulator to seek fresh clearance.
According to the draft red herring prospectus (DRHP) uploaded on Sebi’s website on Wednesday, TVS Supply Chain Solutions’ initial share-sale consists of a fresh issue of equity shares aggregating up to Rs 750 crore and an Offer for Sale (OFS) of over 2 crore equity shares by promoters and existing shareholders.Those offering shares 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.Proceeds from the fresh issue will be utilised for payment of debt availed by the company and its subsidiaries — TVS LI UK and TVS SCS Singapore — and for general corporate purposes.
The supply chain logistics solution provider has a long-standing track record of making acquisitions and integrating them into its own business. The company has acquired and successfully integrated over 20 acquisitions in the last 15 years, using its acquisition strategy to acquire a customer base, geographical reach and technological capability.JM Financial, Axis Capital, J P Morgan India, BNP Paribas, Edelweiss Financial Services and Equirus Capital are the book running lead managers to the IPO.