TVS Supply Chain IPO subscribed 2.78 times on last day of subscription

The Initial Public Offer (IPO) of TVS Supply Chain Solutions, part of TVS Mobility Group, was subscribed 2.78 times on the last day of subscription on Monday.

The Rs 880 crore IPO received bids for 6,98,68,624 shares against 2,51,22,289 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 7.60 times, while the quota for non institutional investors received 2.35 times subscription. The category for Qualified Institutional Buyers (QIBs) got subscribed 1.35 times.

The IPO had a fresh issue aggregating up to Rs 600 crore and an offer for sale of up to 1,42,13,198 equity shares.

The IPO had a price range of Rs 187-197 per share.

TVS Supply Chain Solutions on Wednesday said it has mobilised Rs 396 crore from anchor investors.

Proceeds from the fresh issue to the tune of Rs 525 crore will be utilised for payment of debt availed by the company and its subsidiary TVS LI UK. Besides, funds will be used for inorganic growth strategy and general corporate purposes.

TVS Supply Chain Solutions is present in over 25 countries. The company is promoted by erstwhile TVS Group and is now part of TVS Mobility Group, which has four business verticals -- supply chain solutions, manufacturing, auto dealership, and aftermarket sales and service.

JM Financial, Axis Capital, J P Morgan India, BNP Paribas, Nuvama Wealth Management and Equirus Capital were the managers to the offer.