The public issue of TVS Supply Chain Solutions, a part of TVS Mobility Group, has received decent response from investors as the participants have bought 2.58 crore equity shares against an offer size of 2.51 crore shares, resulting into 103 percent subscription by August 11, the second day of bidding.
Retail investors remained aggressive, buying 3.62 times the portion set aside for them, which is 10 percent of the offer size. High net-worth individuals have bid 102 percent shares of their portion which is 15 percent of the total IPO size. The company has reserved 75 percent portion of the IPO for qualified institutional buyers who have bought 15 percent shares so far.
The Rs 880-crore public issue was subscribed 55 percent on its first day of bidding. The price band for the offer, which will close on August 14, has been set at Rs 187-197 per share.
Also read: TVS Supply Chain Solutions IPO: 10 key things to know before you buy
The Chennai-based logistic solutions provider intends to mobilise Rs 600 crore from the fresh issue and the rest Rs 280 crore from an offer-for-sale (OFS). Total 22 shareholders are offering their shares in the OFS.
Of the total IPO fund size, Rs 396 crore has been raised by the company from anchor investors, including Societe Generale, Aurigin Master Fund, Tata Mutual Fund, SBI Life Insurance, Sundaram Mutual Fund, Copthall Mauritius, and BNP Paribas Arbitrage. Total 18 investors participated in the anchor book, who have been allocated shares at Rs 197 per share.
TVS Supply Chain Solutions, one of the fastest-growing integrated supply chain solution providers, will use fresh issue money for repaying the debt worth Rs 525 crore, while the offer-for-sale money will go to selling shareholders.
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After closing the public issue, its equity shares will make a debut on the BSE and NSE on August 24, as per the IPO schedule.
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