TVS Supply Chain Solutions Ltd. (TVS SCS) has received the Securities and Exchange Board of India (SEBI) approval for its proposed initial public offering (IPO).
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The company filed its papers with SEBI on February 11 for an IPO comprising fresh issue of ₹2,000 crore and an offer for sale of up to 595 lakh equity shares..
The company will use a large part of the net proceeds from the IPO to repay or prepay outstanding borrowings, it said in its draft red herring prospectus.
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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 to the Issue.
TVS SCS is an integrated supply chain and logistics solutions provider to Indian industry and also operates globally. It is currently present in more than 25 countries and services more than 55 of the Fortune 500 companies.
It was originally promoted by the TVS Group and is now part of the TVS Mobility Group. The mobility group of TVS has four business verticals viz. supply chain solutions, manufacturing, auto distribution and after-market sales and service.