TVS Supply Chain Solutions prepares for IPO today
It is 29 years since a TVS company hit the capital market, said executive vice-chairman R Dinesh, tracing back to the time of the IPO listing of TVS Electronics.
Ravi Vishwanathan, MD, said the company’s gross debt company was Rs 1,700 crore.
CHENNAI: TVS Supply Chain Solutions, a part of TVS Mobility Group, is gearing up for the initial share sale that would be open for public subscription from August 10 onwards, officials said on Wednesday.
It is 29 years since a TVS company hit the capital market, said executive vice-chairman R Dinesh, tracing back to the time of the IPO listing of TVS Electronics.
This effort, he said, was fulfilling the aspiration of transforming into an Indian MNC. The price band has been fixed at Rs 187-197 for the Rs 880 crore initial public offering (IPO), valuing the company at Rs 8,700 crore.
The initial share sale comprises Rs 600 crore of fresh issue and Rs 280 crore sale by the promoters. The IPO would be open for subscription during August 10-14, he said.
At the upper end of the price band, the IPO is expected to fetch Rs 880 crore. From the issue’s proceeds, Rs 525 crore will be used for pre-existing debt repayment and its subsidiary TVS LI UK.
A portion of the fund would also be used for “inorganic growth” and general corporate purposes.
Ravi Vishwanathan, MD, said the company’s gross debt company was Rs 1,700 crore. TVS SCS seeks to leverage its deep domain expertise, global network and proprietary technology as it focuses on 3Cs - capability, customer and country.
The UK constitutes a major chunk of the business at Rs 3,036 crore, followed by India at Rs 3,026 crore while Rs 1,300 crore was contributed from Europe and Rs 790 crore from the US, he said.
JM Financial, Axis Capital, JP Morgan India, BNP Paribas, Nuvama Wealth Management and Equirus Capital are the lead managers to the IPO.