TVS Supply Chain Solutions Ltd. (TVS SCS) has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The company submitted its shares to SEBI on February 11 for an initial public offering that includes a fresh issue of ₹2,000 crore and an offer to sell up to 595,000 shares. It will be the third TVS Group company to go public.
The company will use a large portion of the net proceeds from the IPO to repay or prepay outstanding loans, it said in its draft prospectus.
JM Financial Ltd., Axis Capital Ltd., JP Morgan India Pvt. Ltd., BNP Paribas, Edelweiss Financial Services Ltd. and Equirus Capital Pvt. Ltd., are the bankers at issue.
TVS SCS is a provider of integrated supply chain and logistics solutions to Indian industry and also operates globally. It currently has a presence in more than 25 countries and serves more than 55 of the Fortune 500 companies.
It was originally funded by the TVS Group and is now part of the TVS Mobility Group. The mobility group of TVS has four business segments viz. Supply Chain Solutions, Manufacturing, Auto Distribution and After Market Sales and Service.
