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Logistics firm TVS Supply Chain seeks regulatory approval to launch IPO

tvs supply chain



TVS Supply Chain Solutions Ltd. has sought the Indian market regulator’s approval to raise as much as 20 billion rupees ($264 million) selling new shares in an initial public offering.


The company’s existing shareholders, including founder TVS Mobility Pvt. and investors Gateway Partners and Tata Capital Financial Services Ltd., plan to sell as many as 59.48 million shares in the IPO, according to a draft prospectus. The Chennai-based company plans to repay some of its debt, and buy out minority shareholders in its U.K. unit from the proceeds.





TVS Supply Chain, which counts Mahindra & Mahindra Ltd., Daimler India Commercial Vehicles Pvt., Sony India Pvt. and Hyundai Motor India Ltd. among its customers in India, has a presence in the U.K., Spain, Germany, Australia and Singapore.


Direct spending in the Indian logistics market is estimated to double to $365 billion by the year to March 2026, TVS Supply Chain said in its draft prospectus, citing data from consultant RedSeer.


JM Financial Ltd., Axis Capital Ltd., J.P. Morgan India Pvt., BNP Paribas, Edelweiss Financial Services Ltd. and Equirus Capital Pvt. are the banks managing the share sale.


Delhivery Ltd., another Indian logistics firm, received the market regulator’s approval last month for an initial share sale to raise as much as 74.6 billion rupees.


It has yet to begin the share sale while state-run Life Insurance Corp. of India is due to submit its draft prospectus to the capital market regulator soon for a share sale in what is expected to be the nation’s biggest IPO.

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Delhi News

Govt shortlists four law firms to assist LIC IPO after failed first attempt



The government has now shortlisted four law firms to assist the government in the initial public offering (IPO) of Life Insurance Corporation of India (LIC) after the first attempt failed to get adequate response from intermediaries.


Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co have been shortlisted to act as legal adviser for the LIC IPO, and will make a representation before the government on Friday.





The financial bids will be opened by a high level committee after presentations are made by these law firms, and Department of Investment and Public Asset Management (DIPAM) would intimate the qualified bidder.


Earlier, the government had not received adequate response from law firms, and had floated a fresh request for proposal with some relaxations. It introduced “milestone payments” where the selected legal adviser would receive 50 per cent of the fee after the filing of the Draft Red Herring Prospectus (DRHP) and the remaining after listing of LIC shares. Earlier, legal advisors were supposed to get their fee “after successful and satisfactory completion of the transaction”.


The government had also clarified that the legal adviser would assist LIC and the government for three years from the time of placing the bid.


The government is targeting to launch the IPO of LIC in the last quarter of the financial year. The listing of insurer’s shares on exchanges would involve part-sale of the government’s stake and raising fresh equity share capital. A part of the public offering may be reserved for employees and policyholders of LIC.

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Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

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