TVS Supply Chain IPO subscribed 2.8 times

The IPO of Chennai-based TVS Supply Chain Solutions was subscribed 2.85 times overall, with bids for 6.99 crore equity shares against an issue size of 2.51 crore shares. Retail investors bid for 7.61 times the allotted quota, followed by high networth individuals and qualified institutional buyers who bid 2.35 times and 1.35 times, respectively, the portions set aside for them. The offer, at an issue price of INR 197 per share, included a mix of fresh issue of INR 600 crore and an offer for sale (OFS) of INR 280 crore. The selling shareholders include Tata Opportunities Fund (via Omega TC Holdings Pte Ltd), Tata Capital Financial Services Ltd, TVS Motor Co Ltd, Kotak Special Situations Fund and others. Of the net proceeds, INR 525 crore will be used for repayment of borrowings.