TVS Supply Chain Solutions started its IPO on August 10th. The transport, logistics and warehousing company plans to raise up to Rs. 600 crore through new issuance, compared to the previously decided Rs. 750 crore. The reduction in the volume of new issues was due to the placement carried out by the company before the IPO.
It also plans to sell 1.42 crore of shares offered by the selling shareholders in a Rs 280 crore bid. At the upper price range, the total issue size is 880 crore rupees. The price range is between 187 and 197 rupees per share.
The tender process for the Chennai-headquartered company will start on August 10th and end on August 14th, while the anchor book will start on August 9th.
In OFS segment, Omega TC Holdings PTE plans to sell up to 1.07 crore shares, Tata Capital Financial Services Ltd. up to 9.84 lakh shares, Sargunaraj Ravichandran up to 5.80 lakh shares, Andrew Jones up to 4 lakh shares and Ramalingam Shankar up to 3.15 lakh shares and Ethirajan Balaji will around 2.5 lakh shares sell.
Of the total IPO size, 75% is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% is to be allocated to retail investors.
TVS Supply Chain Solutions raises Rs.396 crore from anchor investors ahead of IPO. Two crore shares at 197 rupees each. Key investors include Societe Generale, BNP Paribas, Franklin India, SBI Life Insurance, Sundaram MF and Tata Business Cycle Fund.
The funds raised will be used for the following purposes:
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Prepayment or repayment of all or part of the Company’s and its subsidiary TVS Logistics Investment UK’s outstanding credit
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General Business Purposes.
The IPO traded at 0.15 times, or 15%, as of 11:48 a.m. Thursday.
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Institutional investors: zero
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Non-Institutional Investors: 0.05x or 5%
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Retail Investors: 0.75x or 75%
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